Pakistan Raises Cash Transaction Reporting Threshold to Rs30 Million

ISLAMABAD:Pakistan has increased the threshold for reporting cash transactions at banks from Rs20 million to Rs30 million, according to details.

Under the revised threshold, banks will be required to report daily cash transactions exceeding Rs30 million to the Financial Monitoring Unit (FMU). The previous reporting limit was Rs20 million.

In another development, an agreement has been reached to grant provincial anti-corruption agencies powers to help combat money laundering. However, the decision is conditional on the completion of standard operating procedures (SOPs).

The government has also decided to bring virtual assets under the country’s anti-money laundering framework, sources said.

According to the sources, the Virtual Assets Regulatory Authority has been granted powers under anti-money laundering legislation.

Clarify the reporting requirementSeparate the related decisions