Pakistan Launches Crypto Investigation Unit To Combat Money Laundering, Terror Financing

Pakistan's Federal Investigation Agency (FIA) has set up a cryptocurrency investigation unit to curb money laundering and terrorism financing through virtual currency transactions, Dawn newspaper reported on Tuesday.

FIA Counter-Terrorism Wing Director Dr Muhammad Athar Waheed said that while the Pakistan Virtual Assets Regulatory Authority would remain the primary regulator for digital assets, the newly established unit would investigate the suspected use of cryptocurrencies and other digital assets in criminal activities.

Unit to operate from National Command and Control Centre

The cryptocurrency investigation unit will function under the FIA's newly operational National Command and Control Centre, which serves as a central platform for monitoring, intelligence sharing, inter-agency coordination and nationwide operational support. The centre also integrates several key operational units under a single command structure.

“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,” he said.

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The FATF is the global watchdog for money laundering and terrorist financing. It sets international standards aimed at preventing such illegal activities.