Pakistan raises cash transaction reporting threshold for banks – Check new limit
ISLAMABAD – Pakistan has announced an increase in the threshold for reporting cash transactions conducted through banks from Rs2 million to Rs3 million. The development comes as the government moves to strengthen the country’s anti-money laundering framework. Under the revised threshold, banks will be required to report daily cash transactions exceeding Rs3 million to the Financial Monitoring Unit (FMU). The previous reporting limit was set at Rs2 million. The change comes alongside other proposed measures aimed at enhancing oversight of financial activities and preventing money laundering. An agreement has also been reached to grant provincial anti-corruption agencies powers related to combating money laundering. However, the transfer of these powers will depend on the completion of standard operating procedures (SOPs). In another development, the government has decided to bring…