Pakistan's decision to expand its anti-money laundering framework represents a necessary response to evolving financial crimes. Its effectiveness, however, will depend less on enlarging statutory powers than on the institutional competence, accountability and constitutional safeguards governing their exercise.

On Oct 27, the National Executive Committee on Anti-Money Laundering and Countering the Financing of Terrorism approved three significant measures: including maritime piracy among predicate offences under the Anti-Money Laundering Act, 2010 (AMLA); recognising the Pakistan Virtual Assets Regulatory Authority (PVARA) as an AML/CFT regulator; and raising the currency transaction reporting threshold from Rs2 million to Rs3 million. These measures deserve careful examination.

First, the reference to piracy concerns maritime piracy under section 28 of the Pakistan Maritime Zones Act, 2023, not infringement of intellectual property. Section 29 already prescribes imprisonment extending to ten years for piracy, with more severe punishment where murder is committed.........

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