The State Bank of Pakistan (SBP) has taken notice of a misleading social media headline claiming that the Financial Action Task Force (FATF) has identified Raast as a channel for money laundering.
The central bank clarified that the FATF report does not describe Raast as a money-laundering mechanism and does not raise any specific concerns about the integrity or security of the Raast payment system. According to the SBP, any suggestion to the contrary distorts the report’s actual findings and context.
The FATF report addresses the potential exploitation of formal banking and payment systems by underground banking and hawala networks in different countries and jurisdictions. Raast is referenced in the report solely as Pakistan’s legitimate domestic payment channel, which is used for domestic payments and transfers. The system currently does not support cross-border transactions.
The SBP reaffirmed its commitment to safeguarding the integrity of Pakistan’s payment infrastructure. It said the central bank continues to monitor and strengthen relevant safeguards to ensure that the country’s payment systems remain aligned with international standards.
