ISLAMABAD – Pakistan has increased the cash transaction reporting threshold for banks from Rs2 million to Rs3 million, raising the limit by Rs1 million under the revised reporting requirements.
Under the new threshold, banks will be required to submit details of cash transactions exceeding Rs3 million to the Financial Monitoring Unit (FMU). Previously, reporting was mandatory for cash transactions exceeding Rs2 million.
The revision marks a change in the reporting limit applicable to banks as part of the country’s financial monitoring framework.
In a separate development, authorities have agreed to extend anti-money laundering powers to provincial anti-corruption bodies. However, the transfer of these powers will remain subject to the completion of relevant procedures and regulatory requirements.
The government has also decided to bring virtual assets within the country’s legal framework for combating money laundering.
Reports said the Virtual Assets Regulatory Authority has also been granted powers under the anti-money laundering law. The move forms part of broader efforts to incorporate virtual assets into the existing legal and regulatory framework for preventing financial crimes.
