ISLAMABAD, Oct 27 (APP):Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Tuesday chaired the 19th meeting of the National Executive Committee (NEC) on Anti-Money Laundering and Countering the Financing of Terrorism (AML-CFT).
The NEC is a high-level body responsible for overseeing policy and implementation matters relating to Pakistan’s AML-CFT regime, said a press release issued by the Ministry of Finance.
The meeting reviewed compliance with decisions taken at the 18th NEC meeting and progress on Pakistan’s AML-CFT regime, including the performance of the Financial Monitoring Unit (FMU), institutional capacity and initiatives involving artificial intelligence and machine learning.
The Finance Minister emphasize the importance of regular and timely follow-up and stronger coordination among relevant institutions to ensure effective implementation of the national AML-CFT framework.
The NEC considered and approved the proposed revision to the thresholds for Currency Transaction Reports (CTRs) under the framework for analysing Suspicious Transaction Reports (STRs) and CTRs.
The committee also approved the proposed inclusion of Section 28 of the Pakistan Maritime Zones Act, 2023, in Schedule I of the Anti-Money Laundering Act (AMLA). It further approved the inclusion of the Pakistan Virtual Assets Regulatory Authority (PVARA) in Schedule IV of the AMLA.
The Committee highlighted the importance of keeping Pakistan’s AML-CFT framework responsive to evolving financial risks and emerging technologies, while strengthening the analytical capabilities of relevant institutions.
The Finance Minister underscored the importance of strengthening the FMU’s analytical and operational capacity through a clear implementation roadmap with defined timelines.
He emphasized that the NEC serves as an effective strategic forum for strengthening Pakistan’s AML-CFT framework and ensuring timely coordination, inter-agency cooperation and consistent monitoring for effective implementation of the measures discussed.
The meeting was attended by the Federal Minister for Law and Justice, the Governor of the State Bank of Pakistan, the Finance Secretary, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), Director General AML-CFT Authority, and senior officials from the FMU and other relevant ministries and divisions.
Source: APP (Associated Press of Pakistan)
