Currency transaction report threshold raised to Rs3m in anti-money laundering review

The National Executive Committee on anti-money laundering and terror financing has raised the threshold for banks' currency transaction reports from Rs2 million to Rs3 million.

The committee, chaired by Finance Minister Muhammad Aurangzeb, also added maritime piracy as an offence under the Anti-Money Laundering Act and brought the Pakistan Virtual Assets Regulatory Authority under the law, giving it powers over virtual assets.

The meeting reviewed the work of the Financial Monitoring Unit, including its use of artificial intelligence, and Aurangzeb asked for a clear implementation roadmap with timelines.