Pakistan raises cash transaction reporting limit t...

Summary

• ISLAMABAD: The federal government has increased the threshold for reporting large cash transactions to Rs3 million from Rs2 million, raising the limit by 50 per cent under Pakistan’s anti-money laundering framework.
• A CTR is triggered when a cash transaction reaches the prescribed reporting limit, while an STR is filed when a transaction or activity raises suspicions of money laundering, terrorism financing or other relevant financial crimes.
• The inclusion means that piracy-related offences will be recognised within the legal framework used to address money laundering, allowing the relevant authorities to pursue associated financial crimes in accordance with the law.

AI Generated Summary

ISLAMABAD: The federal government has increased the threshold for reporting large cash transactions to Rs3 million from Rs2 million, raising the limit by 50 per cent under Pakistan’s anti-money laundering framework.

The decision was approved by the National Executive Committee on Anti-Money Laundering and Countering Financing of Terrorism (AML-CFT), chaired by Finance Minister Muhammad Aurangzeb. The revised threshold will determine when banks and other relevant reporting entities are required to submit Currency Transaction Reports (CTRs) to the Financial Monitoring Unit (FMU) of the State Bank of Pakistan.

Under the revised framework, cash transactions equal to or exceeding Rs3 million fall within the reporting requirement. Previously, the threshold was set at Rs2 million.