EU removes Pakistan from List of High Risk Third Countries.

European Union (EU) has removed Pakistan from the List of High Risk Third Countries which have strategic deficiencies in the Anti Money Laundering / Countering the FinancA!ing of Terrorism (AML/CFT) regime that pose significant threat to their financial system.

According to the DelA!egated Regulation, 'FolA!lowing the measures implemented to adA!dress the action plans agreed with the FATF, Nicaragua, Pakistan and Zimbabwe have remeA!died the strategic defi-ciencies in their respecA!tive AML/CFT regimes and no longer pose a significant AML/CFT threat to the internaA!tional financial system. Taking into account their relevance under the revised methodoloA!gy, the Commission conA!siders that these jurisA!dictions no longer have strategic deficiencies in their respective AML/CFT frameworks and do not pose a significant threat to the fiA!nancial system of the EuropeA!an Union.' As a consequence of the said measure, the 'ObA!ligated Entities' in EU memA!ber states would no longer be required to apply 'Enhanced Customer Due Diligence' while dealing with individuals and legal entities established in Pakistan. Prime Minister Shehbaz Sharif has welcomed the decision. 'De-listing of PaA!kistan from EU's updated list of high-risk third-countries is a major development which will facilitate our businesses, individuals...