Govt raises threshold for currency transaction reports to Rs3m as anti-money laundering framework reviewed

The government has moved the cash-transaction reporting trigger for banks from Rs2m to Rs3 million, Dawn reported. The National Executive Committee on anti-money laundering and counter-terrorism financing approved the change, which determines when banks must submit Currency Transaction Reports to the State Bank of Pakistan’s Financial Monitoring Unit.

The revised limit applies to cash dealings at or above the set amount, while Suspicious Transaction Reports are filed when activity indicates possible money laundering or terrorism financing. The committee also added maritime piracy, as defined in the Pakistan Maritime Zones Act 2023, to the offences covered by the Anti-Money Laundering Act.

The committee approved adding the Pakistan Virtual Assets Regulatory Authority to the AMLA schedule of bodies with relevant oversight powers for virtual and digital assets. Its meeting also reviewed Financial Monitoring Unit performance, institutional capacity and work involving artificial intelligence and machine learning.