Pakistan raises threshold for cash transaction reports to 3 million rupees — Dawn
In Pakistan, the National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism approved an increase in the threshold for cash transactions that banks must report to the Financial Monitoring Unit of the State Bank of Pakistan. The new limit is 3 million rupees instead of 2 million, Dawn reports.
Transaction reports
The threshold for cash transaction reports increased by 50%. Such reports are submitted when the transaction amount is equal to or exceeds the established limit. A suspicious transaction report, in turn, is submitted when there are signs of money laundering or terrorist financing.
The committee is chaired by Finance Minister Muhammad Aurangzeb. Through notifications in the official gazette, it sets limits for banks, financial institutions, and other organizations that conduct financial transactions.
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Piracy and virtual assets
The committee also approved the inclusion of Article 28 of Pakistan’s Maritime Zones Act 2023 in Schedule I of the Anti-Money Laundering Act. This means that maritime piracy has been included in the list of predicate offences. The law defines piracy as unlawful acts of violence, detention, or depredation committed for private ends by the crew or passengers of a private ship or aircraft against another ship, aircraft, persons, or property on board.
The Pakistan Virtual Assets Regulatory Authority was also included in Schedule IV of the law. It will have regulatory powers over virtual and digital assets to comply with anti-money laundering and counter-terrorist financing requirements.
The meeting reviewed the implementation of previous decisions, the work of the Financial Monitoring Unit, institutional capacity, and initiatives involving artificial intelligence and machine learning. Aurangzeb called for stronger coordination among institutions and for developing the unit’s analytical and operational capabilities under a plan with specified deadlines.
