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), evaluating the progress of Pakistan’s efforts to combat financial crimes. The meeting, held at the Finance Division, focused on enhancing the national framework through improved coordination and technological advancements.

According to Ministry of Finance, the committee reviewed compliance with previous decisions and assessed the performance of the Financial Monitoring Unit (FMU). Discussions included the integration of artificial intelligence and machine learning to bolster institutional capabilities. The Finance Minister stressed the need for regular follow-ups and improved inter-agency cooperation to ensure the effective implementation of AML-CFT measures.

Key decisions included revising thresholds for Currency Transaction Reports (CTRs) and approving new inclusions in the Anti-Money Laundering Act (AMLA), such as Section 28 of the Pakistan Maritime Zones Act, 2023, and the Pakistan Virtual Assets Regulatory Authority (PVARA). The NEC emphasized maintaining a responsive framework to address evolving financial risks and emerging technologies.

The Finance Minister called for a robust implementation roadmap to enhance the FMU’s analytical capacity, highlighting the NEC’s role as a strategic forum for reinforcing Pakistan’s AML-CFT framework. The meeting saw participation from high-level officials, including the Federal Minister for Law and Justice, the Governor of the State Bank of Pakistan, and other senior representatives from relevant ministries and divisions.