The Pakistan government has made it mandatory for financial institutions to report to its high-powered Financial Monitoring Unit if a financial transaction exceeds Rs2.5mn, as a measure to toughen action against money-laundering activities.

The Securities and Exchange Commission of Pakistan has issued a notification setting the new threshold – which would require the filing of a ‘currency transaction report’ if exceeded – keeping in view instructions by the finance ministry. The National Executive Committee has said any transaction exceeding Rs 2.5mn must be reported as a ‘currency transaction report’ to the Financial Monitoring Unit.

Source: Gulf Times

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