Pakistan has increased the mandatory reporting limit for cash transactions to Rs 3 million. The National Executive Committee on Anti-Money Laundering and Countering Financing of Terrorism (AML CFT) approved this adjustment, which marks a 50 percent rise from the previous Rs 2 million limit.
Currency Transaction Reports (CTRs) must be submitted to the Financial Monitoring Unit (FMU) of the State Bank of Pakistan. Suspicious Transaction Reports (STRs) remain mandatory for filing regardless of whether a transaction meets the new CTR threshold.
Maritime piracy is now classified as a predicate offense under the Anti Money Laundering Act (AMLA) following the committee's decision to include Section 28 of the Pakistan Maritime Zones Act, 2023, in Schedule I. The committee also added the Pakistan Virtual Assets Regulatory Authority (PVARA) to Schedule IV of the AMLA.
The FMU holds the authority to request transaction records from any individual or agency within Pakistan. During the review of the AML CFT framework and previous compliance decisions, Finance Minister Muhammad Aurangzeb emphasised the necessity of stronger coordination between relevant institutions.
Aurangzeb called for a defined roadmap with specific timelines to improve the analytical and operational capabilities of the FMU.
