Pakistan has approved changes to its anti-money laundering framework to strengthen oversight of virtual assets and address emerging risks related to terrorist financing. The National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) has approved adding the Pakistan Virtual Assets Regulatory Authority (PVARA) and Section 28 of the Pakistan Maritime Zones Act, 2023, to the Anti-Money Laundering Act (AMLA).
Under the decision, Section 28 of the Maritime Zones Act will be included in Schedule I of the AMLA, while PVARA will be added to Schedule IV. The decisions were taken during the NEC’s 19th meeting at the Finance Division, chaired by Finance Minister Muhammad Aurangzeb.
The committee also reviewed progress on previous decisions and discussed measures to strengthen Pakistan’s AML-CFT framework in response to evolving financial risks and new technologies.
Aurangzeb called for improving the analytical and operational capacity of the Financial Monitoring Unit (FMU) through a clear implementation roadmap with defined timelines. He also emphasized timely coordination and cooperation among relevant institutions to ensure effective implementation.