Pakistan approves revised cash transaction reporting thresholds, brings PVARA under anti-money laundering framework

Pakistan’s National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism approved proposed changes to cash transaction reporting thresholds and agreed to place the Pakistan Virtual Assets Regulatory Authority within the national AML framework. The decisions were made at the committee’s 19th meeting on October 27, chaired by Finance Minister Muhammad Aurangzeb, Profit by Pakistan Today reported.

The revised threshold figures were not disclosed. The committee also approved adding Section 28 of the Pakistan Maritime Zones Act, 2023, to Schedule I of the Anti-Money Laundering Act, while PVARA would be included in Schedule IV. Officials discussed the Financial Monitoring Unit’s capacity and the possible use of artificial intelligence and machine learning in financial-risk analysis; Aurangzeb called for a time-bound plan to strengthen the unit.