SBP reacts to social media post

Business Recorder reported that the State Bank of Pakistan has objected to a misleading social media headline claiming that the Financial Action Task Force has named Raast as a money laundering channel. SBP said the FATF report does not portray Raast as a laundering mechanism and contains no particular worry about the soundness of the payment network.

The report is focused on how hawala and underground banking operators could abuse formal banking and payment channels across several jurisdictions. Raast, by contrast, is cited only as Pakistan's domestic payment channel for domestic payments and transfers, and it cannot yet handle cross-border transfers.

The central bank said it will keep working to protect the soundness of national payment networks and to continue refining safeguards in step with global norms. The clarification was issued after a social media post misrepresented the report's findings.