Summary
- The decisions were taken during the 19th meeting of the National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism, chaired by Finance Minister Muhammad Aurangzeb at the Finance Division.
- According to the announcement the committee approved the proposed inclusion of Section 28 of the Pakistan Maritime Zones Act, 2023 in Schedule I of the Anti-Money Laundering Act.
- The meeting was attended by the federal law and justice minister the State Bank of Pakistan governor, the finance secretary, the Securities and Exchange Commission of Pakistan chairman the director general of the Anti-Money Laundering and Countering the Financing of Terrorism Authority and senior officials from the FMU and other relevant government bodies.
ISLAMABAD: Pakistan has approved proposals to bring the Pakistan Virtual Assets Regulatory Authority (PVARA) under the country’s anti-money laundering legal framework and expand existing legislation to cover a provision of the Pakistan Maritime Zones Act, 2023.
The decisions were taken during the 19th meeting of the National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism, chaired by Finance Minister Muhammad Aurangzeb at the Finance Division.
According to the announcement the committee approved the proposed inclusion of Section 28 of the Pakistan Maritime Zones Act, 2023 in Schedule I of the Anti-Money Laundering Act. It also endorsed placing PVARA in Schedule IV of the same legislation.
The proposed changes are intended to strengthen the legal framework governing financial crime prevention. However, the announcement did not confirm that all legal procedures required to implement the amendments had been completed.
The committee also approved a proposed revision of reporting thresholds for Currency Transaction Reports (CTRs) which help authorities monitor financial transactions meeting specified reporting requirements. Details of the revised thresholds were not disclosed.
During the meeting, participants reviewed progress on decisions made at the committee’s previous session and assessed the performance of the Financial Monitoring Unit (FMU). Discussions also covered institutional capacity financial reporting procedures and the use of artificial intelligence (AI) and machine learning to improve financial monitoring.
The FMU is central to the analysis of financial information and the identification of transactions which may need further analysis. Suspicious Transaction Reports (STRs) and CTRs are tools used to monitor financial activity and help in efforts to detect potential illegal conduct.
Aurangzeb stressed the need for government institutions to implement the committee decisions within the agreed timelines. He called for stronger coordination between relevant departments and agencies to ensure that approved measures translate into practical results.
The finance minister also stressed the importance of improving the FMU’s analytical and operational capabilities. He called for a clear implementation plan with defined deadlines to strengthen the unit’s performance.
The committee further examined how emerging technologies could help institutions respond to evolving financial crime risks and analyse financial data more effectively.
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