Pakistan reviews AML-CFT framework, approves key regulatory changes

Finance Minister Muhammad Aurangzeb led the National Executive Committee’s 19th session on Tuesday, where members endorsed amendments to Pakistan’s anti-money laundering and counter-terrorism financing rules. The changes include adjusting Currency Transaction Report thresholds and adding Section 28 of the Pakistan Maritime Zones Act, 2023, to Schedule I of the Anti-Money Laundering Act.

The committee also agreed to place the Pakistan Virtual Assets Regulatory Authority in Schedule IV of the AMLA. It examined the Financial Monitoring Unit’s work, institutional readiness and possible applications of artificial intelligence and machine learning in financial oversight, while calling for stronger analytical and operational capacity at the unit. Participants included the State Bank of Pakistan governor and the Securities and Exchange Commission of Pakistan chairman; Aurangzeb called for deadlines, coordination and ongoing review of implementation.