1 month ago
Pakistan Establishes Crypto Unit to Combat Money Laundering
Pakistan has created a new team to investigate illegal activities involving cryptocurrencies.
This team will work under the Federal Investigation Agency (FIA) and will focus on preventing money laundering and terrorism financing.
The FIA's National Command and Control Centre will oversee this unit, which will operate alongside the primary regulator, the Pakistan Virtual Assets Regulatory Authority.
This move comes after Pakistan was removed from the Financial Action Task Force (FATF) grey list in 2022, showing the country's commitment to meeting international standards against illegal financial activities.
Pakistan's FIA has set up a cryptocurrency investigation unit to combat money laundering and terrorism financing.
The unit will operate under the FIA's National Command and Control Centre.
The Pakistan Virtual Assets Regulatory Authority remains the primary regulator for digital assets.
Pakistan exited the FATF grey list in October 2022 after meeting anti-money laundering and counter-terrorist financing requirements.
The FIA aims to complete several key projects over the next six months.
- Who
- Pakistan's Federal Investigation Agency (FIA)
- What
- Established a cryptocurrency investigation unit to combat money laundering and terrorism financing
- Where
- Pakistan
- When
- Reported on Tuesday
- Why
- To curb illegal activities and meet international standards
Pro-Crypto Regulation
Anti-Crypto Regulation
Regulatory Oversight
Pro-Crypto Regulation
The establishment of the cryptocurrency investigation unit is a necessary step to ensure regulatory oversight and prevent illegal activities.
Anti-Crypto Regulation
Excessive regulation could stifle innovation and hinder the growth of the cryptocurrency industry in Pakistan.
Key facts
- Agency
- Federal Investigation Agency (FIA)
- Unit Name
- Cryptocurrency Investigation Unit
- Primary Regulator
- Pakistan Virtual Assets Regulatory Authority
- Operational Centre
- National Command and Control Centre
- FATF Grey List Exit
- October 2022
Quotes
Dr Muhammad Athar Waheed
Director of FIA Counter‑Terrorism Wing
“With the introduction of several reform initiatives, the FIA has already demonstrated significant improvement in its performance, and we expect a number of additional key projects to be completed over the next six months.””
freepressjournal.in
Sources
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