ISLAMABAD: Pakistan has decided to tighten its anti-money laundering and countering the financing of terrorism (AML-CFT) regimes by approving revised thresholds for currency transaction reporting, bringing a provision of the Pakistan Maritime Zones Act, 2023, in the Anti-Money Laundering Act (AMLA), and including the Pakistan Virtual Assets Regulatory Authority (PVARA) in the law’s regulatory framework.
The decisions were taken in the 19thmeeting of the National Executive Committee (NEC) on AML-CFT chaired by Federal Minister for Finance and Revenue, Muhammad Aurangzeb, here on Tuesday.
Official sources revealed to Business Recorder that the Committee also approved the designation of the Provincial Anti-Corruption Establishments (ACEs) as investigating or prosecuting agencies under the AMLA, 2010.
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The NEC is a high-level body responsible for overseeing policy and implementation matters relating to Pakistan’s AML-CFT regime.
Official statement issued by the Finance Ministry noted that the meeting reviewed compliance with decisions taken at the 18th NEC meeting and progress on Pakistan’s AML-CFT regime, including the performance of the Financial Monitoring Unit (FMU), institutional capacity and initiatives involving artificial intelligence and machine learning. The Finance Minister emphasised the importance of regular and timely follow-up and stronger coordination among relevant institutions to ensure effective implementation of the national AML-CFT framework.
The NEC considered and approved the proposed revision to the thresholds for Currency Transaction Reports (CTRs) under the framework for analysing Suspicious Transaction Reports (STRs) and CTRs.
According to the Guidelines for the Reporting Entities on filing of Currency Transaction Reports (2021) issued by Financial Monitoring Unit, threshold for reporting currency transaction report is rupees two million or above. It is mandatory for the reporting entities to report only those cash transactions as CTR meeting the notified threshold.
The Committee also approved the proposed inclusion of Section 28 of the Pakistan Maritime Zones Act, 2023, in Schedule I of the Anti-Money Laundering Act (AMLA).
Section 28 is regarding piracy, which stated that a person commits piracy, if he commits any one or more of the following acts, namely: (a) any illegal act of violence or detention, depredation, committed for private ends by the crew or the passengers of a private ship or a private aircraft and directed.(i) against another ship or aircraft or against persons or property onboard such ship or aircraft; or(ii) against a ship, aircraft, persons or property on high seas or in a place outside the jurisdiction of any state; and(b) any act of voluntary participation in the operation of a ship or of an aircraft with knowledge of facts making it a pirate ship or aircraft;(c) any act of abetting or inciting or of intentionally facilitating an act specified in clauses (a) or (b).
It further approved the inclusion of the Pakistan Virtual Assets Regulatory Authority (PVARA) in Schedule IV of the AMLA.
The Committee highlighted the importance of keeping Pakistan’s AML-CFT framework responsive to evolving financial risks and emerging technologies, while strengthening the analytical capabilities of relevant institutions.
The Finance Minister underscored the importance of strengthening the FMU’s analytical and operational capacity through a clear implementation roadmap with defined timelines. He emphasised that the NEC serves as an effective strategic forum for strengthening Pakistan’s AML-CFT framework and ensuring timely coordination, inter-agency cooperation and consistent monitoring for effective implementation of the measures discussed.
The meeting was attended by the Federal Minister for Law and Justice, the Governor of the State Bank of Pakistan, the Finance Secretary, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), Director General AML-CFT Authority, and senior officials from the FMU and other relevant ministries and divisions.
Copyright Business Recorder, 2026
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