The National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) has approved a revision to the threshold for Currency Transaction Reports (CTRs) and cleared the Pakistan Virtual Assets Regulatory Authority for inclusion in Schedule IV of the Anti-Money Laundering Act.
The decisions were made at a meeting chaired by Finance Minister Muhammad Aurangzeb, which reviewed progress in the country’s AML/CFT regime. CTRs are used to report cash transactions under the anti-money laundering framework.
The committee also approved the inclusion of Section 28 of the Pakistan Maritime Zones Act in Schedule I of the Anti-Money Laundering Act. A statement issued after the meeting said the committee agreed to keep the framework aligned with emerging financial risks.
Participants reviewed the performance and institutional capacity of the Financial Monitoring Unit (FMU), which handles financial intelligence on money laundering and terrorist financing. They also discussed initiatives involving Artificial Intelligence (AI) and Machine Learning within the AML/CFT framework.
Aurangzeb said timely follow-up on decisions and effective coordination among institutions were necessary to strengthen the regime.
He called for a clear roadmap to enhance the FMU’s institutional capacity. The meeting agreed on the need to maintain an effective framework capable of responding to emerging risks in the financial sector.