ISLAMABAD – Pakistan has announced an increase in the threshold for reporting cash transactions conducted through banks from Rs2 million to Rs3 million.
The development comes as the government moves to strengthen the country’s anti-money laundering framework.
Under the revised threshold, banks will be required to report daily cash transactions exceeding Rs3 million to the Financial Monitoring Unit (FMU). The previous reporting limit was set at Rs2 million.
The change comes alongside other proposed measures aimed at enhancing oversight of financial activities and preventing money laundering.
An agreement has also been reached to grant provincial anti-corruption agencies powers related to combating money laundering. However, the transfer of these powers will depend on the completion of standard operating procedures (SOPs).
In another development, the government has decided to bring virtual assets within the country’s anti-money laundering system.
Reports said the Virtual Assets Regulatory Authority has been granted powers under the anti-money laundering law, expanding the regulatory framework governing virtual assets.
The measures reflect efforts to strengthen financial monitoring and extend regulatory oversight to additional areas, including provincial anti-corruption bodies and virtual asset-related activities.
The increase in the cash transaction reporting threshold and the proposed institutional changes are among the developments outlined in the government’s broader approach to addressing money laundering.
