Pakistan increases bank cash transaction reporting limit to 3 million rupees to enhance anti-money laundering efforts.
Islamabad: (RightNow) Pakistan has increased the reporting limit for cash transactions in banks. Banks must now report cash transactions exceeding 3 million rupees to the FMU. Previously, this limit was set at 2 million rupees.
Under this decision, banks are required to report daily transactions exceeding 3 million rupees. This measure aims to prevent money laundering.
Provincial anti-corruption agencies are also agreed to be given additional powers to curb money laundering. However, these powers are contingent upon the completion of SOPs.
The government has decided to include NEC’s virtual assets in the anti-money laundering system. This step is taken to further secure the financial system.
It is noteworthy that the Virtual Assets Regulatory Authority has already been granted anti-money laundering law powers. This move is intended to make the fight against money laundering more effective.
