Pakistan Raises Cash Transaction Reporting Threshold to Rs30 Million for Banks

ISLAMABAD: Pakistan has increased the threshold for reporting cash transactions by banks from Rs20 million to Rs30 million, making it mandatory for financial institutions to report daily cash transactions exceeding the revised limit to the Financial Monitoring Unit (FMU).

Previously, banks were required to report cash transactions exceeding Rs20 million. The revised threshold has now been raised to Rs30 million, according to sources.

Further changes have also been planned in the financial monitoring system to strengthen measures against money laundering. As part of these reforms, it has been agreed in principle to grant powers to provincial anti-corruption agencies, subject to the completion of relevant standard operating procedures (SOPs).

The government has also decided to bring virtual assets within the anti-money laundering framework to improve the monitoring of financial transactions and prevent illicit financial activities.

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

The measures aim to strengthen financial oversight, improve regulatory enforcement and make Pakistan’s anti-money laundering system more effective.