European Union (EU) removes Pakistan from its list of High Risk Third Countries
In a welcoming news, European Union (EU) has decided to remove Pakistan from its list of “High Risk Third Countries” which have strategic deficiencies in their domestic AML / CFT regime. The Obligated Entities in the EU member states would no longer be required to apply “Enhanced Customer Due Diligence” while dealing with the Pakistani based entities. The decision will have significant effect on the cross-border transactions as with the removal of regulatory burden both cost and time involved in such transactions will be significantly reduced. To access the full news, please click here.