Islamabad’s National Executive Committee on Anti-Money Laundering and Combating the Financing of Terrorism on Tuesday treated maritime piracy as a predicate offence under Pakistan’s anti-money laundering law, tying sea robbery and related violence to the wider AML framework and a fine of up to Rs25 million. Finance Minister Muhammad Aurangzeb chaired the meeting a day after the General Committee sent the issues forward to tighten the regime.
What the NEC decided on piracy
The committee approved adding Section 28 of the Pakistan Maritime Zones Act, 2023, to Schedule I of the Anti-Money Laundering (AML) Act—the main statute that criminalises laundering proceeds of listed crimes. That step makes piracy a gateway offence for money-laundering cases. One description of the decision put the maximum prison term at 10 years with a Rs25 million fine. The Finance Ministry, citing Section 28, separately said the offence carries up to seven years in jail, a fine of up to Rs25 million, and forfeiture of property. Those two jail figures are not reconciled in the material available, so both should be treated as reported until clarified.
Under the maritime law, piracy means an illegal act of violence, detention or robbery for private gain by the crew or passengers of a private ship or aircraft against another vessel, its people or property, or against people or property on the high seas or in areas beyond any state’s control. It is not a copyright or digital-content rule; it is a sea-crime provision now linked to money-laundering enforcement.
Virtual assets and provincial AML powers
The NEC also put the Pakistan Virtual Assets Regulatory Authority (PVARA)—the federal body that oversees virtual-asset activity—into Schedule IV of the AML Act. PVARA can now use AML powers and impose monetary and administrative penalties on reporting entities, including directors and senior officers, for breaches of data reporting, record-keeping and customer due diligence rules.
That move, and work to extend AML Act powers to provincial anti-corruption authorities, sits among conditions linked to the International Monetary Fund (IMF)—the lender whose programme Pakistan is following—under the Governance and Corruption Diagnostic Assessment action plan. Provincial extension was cleared in principle, subject to Standard Operating Procedures from the National Anti-Money Laundering and Combating of Financing of Terrorism Authority to reduce misuse. The same IMF track calls for clearer prosecution of money-laundering cases, stronger suspicious-transaction reporting, better financial investigation capacity, and closer asset-recovery cooperation. PVARA and the Financial Monitoring Unit (FMU)—the body that receives and analyses financial-intelligence reports—are also to set frameworks for Virtual Assets Service Providers on suspicious-transaction reporting and goAML registration after a PVARA no-objection certificate.
Cash reporting and what comes next
Separately, the NEC raised the Currency Transaction Report threshold for daily cash deposits in banks from Rs2 million to Rs3 million. Banks must report cash transactions above Rs3 million to the FMU. No quarterly cap on the number of such reports was set, so repeated cash dealings kept just under Rs3 million a day can still avoid that trigger.
The Finance Ministry said the NEC reviewed FMU performance, institutional capacity, and artificial-intelligence and machine-learning work. The minister pressed for timely follow-up and stronger coordination across agencies. Capacity gaps at the AML and CFT Authority, including human resources, were noted as a risk to implementation.
Aasan alfaaz mein
Samundar par qazzaqi (piracy) ab money laundering ke qanoon ke saath juri hui hai, aur badi jurmana aur qaid ka khatra bataya gaya hai. Bank mein rozana teen crore rupay se zyada cash jama karwane par report hogi. Crypto aur virtual assets wale idaron par bhi AML ke rules lag sakte hain. Aam logon ke liye asal asar cash deposit ki had aur financial checks par hai, copyright ya digital content ke naye qanoon par nahi.
