Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, presided over the 19th meeting of the National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT) on Friday. The meeting, held at the Finance Division, focused on evaluating the ongoing efforts and improvements in Pakistan’s AML-CFT framework.

According to Press Information Department, the meeting assessed the compliance with decisions from the previous NEC meeting and reviewed the progress of the Financial Monitoring Unit (FMU). Discussions included enhancing institutional capacity and integrating technologies such as artificial intelligence and machine learning. The Finance Minister stressed the necessity for consistent follow-up and better coordination among institutions to ensure the framework’s effective implementation.

The NEC approved revisions to the Currency Transaction Reports (CTRs) thresholds and agreed to include Section 28 of the Pakistan Maritime Zones Act, 2023, in Schedule I of the Anti-Money Laundering Act (AMLA). Additionally, the Pakistan Virtual Assets Regulatory Authority (PVARA) was incorporated into Schedule IV of the AMLA.

The Committee emphasized the need for the AML-CFT framework to adapt to financial risks and technological advancements, enhancing the analytical capabilities of institutions involved. The Finance Minister highlighted the importance of reinforcing the FMU’s operational capacity with a clear roadmap and timelines, noting that the NEC serves as a strategic platform for improving the AML-CFT measures through coordinated efforts and monitoring.

The meeting included key figures such as the Federal Minister for Law and Justice, the Governor of the State Bank of Pakistan, the Finance Secretary, and senior officials from the Securities and Exchange Commission of Pakistan, the FMU, and other ministries and divisions.