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| A representational image of the a man's silhouette waving Pakistani flag. |
This exemption exempts businesses and individuals in this state from "enhanced customer care."
Karachi: The European Union (EU) Pakistan has removed the country from the "high-risk third country list" and exempted Pakistani businessmen and individuals from "improving customer service" by the regional body's legal and economic bodies. .
The Ministry of Commerce said in a statement on Wednesday that it has removed itself from the list of countries with strategic weaknesses in the Anti-Money Laundering / Critical Financing of Terrorism (AML / CFT) regime.
According to the Delegated Regulation, "According to the steps taken to complete the action plan agreed with the Financial Action Task Force (FATF), Nicaragua, Pakistan and Zimbabwe have overcome strategic deficiencies in their respective AML/CFT regimes and no longer pose an AML/CFT threat." CFT. . for the international financial system. Given the importance of the revised methodology, the Commission considers that these jurisdictions do not have strategic deficiencies in their respective AML/CFT frameworks and do not pose a significant threat to the EU financial system.
As a result of this measure, "debtor entities" in EU member states will no longer have to use "enhanced customer service" when dealing with individuals and legal entities established in Pakistan.
"Relevant persons" include: a) credit institutions, (b) financial institutions and (c) natural or legal persons carrying out their professional activities. The list of people includes auditors, external accountants and tax advisors.
Notaries and other independent lawyers, whether acting on behalf of their clients in financial or real estate transactions, or assisting in the planning or execution of transactions involving their clients:
I. buy and sell real estate or business entities;
ii. Management of client's money, securities or other assets.
iii. opening or managing banking, savings or securities
iv. manage the necessary contributions to establish, operate or manage the company;
v. create, operate or manage trusts, companies, foundations or similar structures;
The list of penalized persons includes fiduciary service providers or companies not covered by letters a) or b), real estate agencies and other persons who deal with cash items or receipts where payments exceed 10,000 euros. . or, more specifically, whether the transaction takes place in one operation or in several operations that seem to be related.
Pakistan was added to the "List of High Risk Countries" by the European Union on 22 October 2018.
Listing Pakistan has created a disproportionate regulatory burden for the EU "debtor entities" and some have refused to conduct legal and financial transactions with individuals and entities based in Pakistan.
The ministry said the new development will increase the efficiency of European economic operators and reduce the cost and time of legal and financial transactions for Pakistani organizations and individuals in the region.
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