The International Monetary Fund (IMF) has suggested that Pakistan strengthen the operational effectiveness of the National Accountability Bureau (NAB) and introduce further reforms to its Anti-Money Laundering (AML) legislation, as reported by The News on Saturday.
However, the Pakistani government plans to formally object to the IMF’s draft report, arguing that several shortcomings identified in the technical report do not accurately reflect the situation on the ground. Senior official sources confirmed, “We have received the IMF’s draft GCD Assessment. We intend to submit detailed observations and feedback — particularly concerning money laundering and counter-terror financing — on behalf of various departments before the report’s final publication, expected by the end of August 2025.”
Pakistan has committed to the IMF to enhance its institutional capacity to combat corruption, which it hopes will support inclusive growth and create a fair business environment. The IMF’s Governance and Corruption Diagnostic (GCD) Assessment aims to analyze key vulnerabilities and identify priority structural reforms. An action plan will be developed and included in the final report, which is scheduled for publication by the end of October 2025.
In a related effort, following the completion of the United Nations Convention against Corruption (UNCAC) review process, the government has decided to publish the full UNCAC Review Report and make it publicly available. Additionally, based on a recent Supreme Court decision, the government will continue to improve NAB’s operational effectiveness and independence, especially in high-value corruption cases. Coordination with other investigative agencies like the Federal Investigation Agency (FIA) and the Provincial Anti-Corruption Establishments (PACEs) will also be strengthened.
By the end of December, the Financial Monitoring Unit (FMU) will issue a federal notification designating PACEs to investigate money laundering offenses linked to corruption. PACEs will also be authorized to request and receive financial intelligence from the FMU.
To promote transparency, Pakistan has amended the Civil Servants Act, 1973, requiring senior public officials (BPS 17–22) to file digital asset declarations. These declarations will include both domestic and foreign assets owned by them or their families and will be made publicly accessible, with safeguards to protect sensitive personal information. The Establishment Division and the Federal Board of Revenue (FBR) are now working to centralize and digitize these submissions and conduct risk-based verification.
Under the initiative “Banks’ Access to Asset Declarations for AML/CFT Purposes,” Pakistan has committed to ensuring that the State Bank of Pakistan (SBP), FBR, and FMU continue to facilitate banks’ access to these declarations. This measure aims to help banks meet their AML/CFT obligations and improve risk profiling of politically exposed persons (PEPs).
In December 2024, the FBR launched a new Customer Due Diligence Online Portal to enable banks to electronically request and receive information, typically within 24 hours. In alignment with national pacts, provinces will also issue corresponding regulations to grant similar access to asset declarations of senior provincial public officials.
