ISLAMABAD (Kashmir English): Pakistan has increased the reporting threshold forcash transactions by banks from Rs2 million to Rs3 million as part of measures to strengthen the country’s anti-money laundering framework.
Under the revised requirement, banks must report daily cash transactions exceeding Rs3 million to the Financial Monitoring Unit (FMU). Previously, the reporting threshold was set at Rs2 million.
According to sources, an agreement has also been reached to empower provincial anti-corruption agencies to help combat money laundering. However, the decision remains subject to the finalization of the required procedures and regulatory framework.
The government has also decided to bring virtual assets within Pakistan’s anti-money laundering regime to strengthen oversight of transactions involving digital assets.
Sources further said the Virtual Assets Regulatory Authority has been granted powers under the Anti-Money Laundering Act.
These measures aim to expand the scope of financial monitoring and strengthen the regulatory mechanisms used to address money laundering and related financial crimes.
