Pakistan removed from EU's list of high-risk countries.

ISLAMABAD -- The European Union (EU) has removed Pakistan from its 'list of high-risk third-countries' that have strategic deficiencies in the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

Foreign Minister Bilawal Bhutto-Zardari revealed this on Wednesday echoing a similar decision taken by the Financial Action Task Force (FATF) months ago when it removed the country from its grey list after almost four years.

'Pakistani businesses and individuals would no longer be subjected to Enhanced Customer Due Diligence by European legal and economic operators,' he tweeted.

Nicaragua, Pakistan and Zimbabwe have remedied the strategic deficiencies in their respective AML/CFT regimes and no longer pose a significant AML/CFT threat to the international financial system. As a result, these three countries have been delisted from high-risk third country jurisdiction.

Bilawal underlines benefits the decision brings for Pakistani businesses, individuals

The placement of Pakistan on the EU list on Oct 22, 2018 had created undue regulatory burden on 'Obligated Entities' in EU and there were instances whereby some of them had refused to entertain legal and financial transactions with individuals and entities based in Pakistan.

The new development would add to the comfort level of the European economic operators and is likely to ease the cost and time of legal and financial transactions by Pakistani entities and individuals in EU.

As a consequence of the measure, the Obligated Entities in the EU member states would no longer be required to apply 'enhanced customer due diligence' while dealing with individuals and legal entities established in Pakistan.

The Obligated Entities include credit institutions, financial institutions, and auditors, external accountants and tax advisors, notaries and other independent legal professionals acting in exercise of their professional activities.

Prime Minister...