ISLAMABAD: Pakistan has taken steps to strengthen oversight of cryptocurrency trading by bringing the Pakistan Virtual Assets Regulatory Authority (PVARA) within the framework of the Anti-Money Laundering Act (AMLA), as part of broader efforts to combat money laundering and terrorist financing.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the 19th meeting of the National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) on Tuesday.
According to a press release issued by the Ministry of Finance, the committee approved the inclusion of PVARA in Schedule IV of the AMLA. PVARA is mandated to regulate crypto trading in Pakistan.
The committee also approved the proposed inclusion of Section 28 of the Pakistan Maritime Zones Act, 2023, in Schedule I of the AMLA.
The meeting reviewed progress on Pakistan’s AML-CFT framework, including compliance with decisions taken at the previous NEC meeting, the performance of the Financial Monitoring Unit (FMU), institutional capacity and the use of artificial intelligence and machine learning.
The NEC also approved proposed revisions to the thresholds for Currency Transaction Reports (CTRs) under the framework for analysing Suspicious Transaction Reports (STRs) and CTRs.
Aurangzeb stressed the importance of timely follow-up and stronger coordination among relevant institutions to ensure effective implementation of the country’s AML-CFT measures.
He also called for strengthening the FMU’s analytical and operational capacity through a clear implementation roadmap with defined timelines.
The committee highlighted the need to keep Pakistan’s financial crime prevention framework responsive to emerging technologies and evolving financial risks.
The meeting was attended by the federal law minister, the governor of the State Bank of Pakistan, the finance secretary, the chairman of the Securities and Exchange Commission of Pakistan, the director general of the AML-CFT Authority, and senior officials from the FMU and other relevant government departments.
The decisions form part of Pakistan’s efforts to strengthen institutional coordination, financial monitoring and regulatory oversight as digital financial activities evolve.
