Pakistan Gets New Power to Block Crypto-Linked Terror Financing

For context, the National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) has approved adding the Pakistan Virtual Assets Regulatory Authority (PVARA) and Section 28 of the Pakistan Maritime Zones Act, 2023, to the Anti-Money Laundering Act (AMLA).

Key points

• The decisions were taken at the committee's 19th session, held at the Finance Division and chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.
• While PVARA will be placed in Schedule IV of the law, section 28 of the Maritime Zones Act will be included in Schedule I of the AMLA.
• The session reviewed compliance with the decisions taken at the 18th NEC gathering, along with overall progress on Pakistan's AML-CFT framework.
• Aurangzeb remarked the analytical and operational capacity of the Financial Monitoring Unit (FMU) should be strengthened through a clear implementation roadmap with defined timelines.
• NEC is a high-level body that oversees policy and implementation matters related to Pakistan's AML-CFT regime.

While PVARA will be placed in Schedule IV of the law, section 28 of the Maritime Zones Act will be included in Schedule I of the AMLA. Pakistan Pays $16 Billion Interest on Loans.

For context, the decisions were taken at the committee's 19th session, held at the Finance Division and chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.

NEC is a high-level body that oversees policy and implementation matters related to Pakistan's AML-CFT regime. Progress on Past Decisions Reviewed.

Notably, the session reviewed compliance with the decisions taken at the 18th NEC gathering, along with overall progress on Pakistan's AML-CFT framework.

Members stressed that the framework must keep pace with evolving financial risks and emerging technologies. They additionally called on stronger analytical capabilities at the relevant institutions.

He continued that the NEC is an effective strategic forum for strengthening the country's AML-CFT framework. According to the minister, it helps ensure timely coordination, inter-agency cooperation, and consistent monitoring so that the measures discussed are implemented effectively. Stay Connected with ProPakistani.

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For now, pakistan Gets New Power to Block Crypto remains the part of the story worth watching, and further updates are likely as more details are confirmed.