Islamabad: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) at the Finance Division on Tuesday.
The meeting reviewed progress on decisions taken during the 18th NEC meeting and assessed developments in Pakistan's AML-CFT framework, including the performance of the Financial Monitoring Unit (FMU), institutional capacity and initiatives involving artificial intelligence and machine learning.
The finance minister emphasised the importance of timely follow-up and stronger coordination among relevant institutions to ensure effective implementation of the national AML-CFT framework.
The committee approved proposed revisions to the thresholds for Currency Transaction Reports (CTRs) under the framework for analysing Suspicious Transaction Reports (STRs) and CTRs.
It also approved the inclusion of Section 28 of the Pakistan Maritime Zones Act, 2023, in Schedule I of the Anti-Money Laundering Act (AMLA). The committee further approved the inclusion of the Pakistan Virtual Assets Regulatory Authority (PVARA) in Schedule IV of the AMLA.
The meeting highlighted the need to keep Pakistan's AML-CFT framework responsive to evolving financial risks and emerging technologies while strengthening the analytical capabilities of relevant institutions.
Senator Aurangzeb underscored the importance of enhancing the analytical and operational capacity of the FMU through a clear implementation roadmap with defined timelines.
He said the NEC served as a strategic forum for strengthening Pakistan's AML-CFT framework through timely coordination, inter-agency cooperation and consistent monitoring of implementation measures.
The meeting was attended by the Federal Minister for Law and Justice, Governor of the State Bank of Pakistan, Finance Secretary, Chairman of the Securities and Exchange Commission of Pakistan, Director General of the AML-CFT Authority and senior officials from the FMU and other relevant ministries and divisions.