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Pakistan sets up a crypto investigation unit to curb money laundering
The new unit is housed in the FIA's National Command and Control Centre, where investigators can coordinate anti money laundering and virtual currency probes alongside cyber and dark web tools.
Pakistan has created a dedicated cryptocurrency investigation unit within its Federal Investigation Agency to target money laundering and terrorism financing carried out through digital assets, according to Decrypt.
The unit is located in the FIA's National Command and Control Centre and will focus on investigating the criminal use of crypto, while the Pakistan Virtual Assets Regulatory Authority remains responsible for regulating digital assets.
Pakistan is also moving to expand related enforcement capacity, with the counter terrorism wing director urging other agencies to form similar units to address crypto use in areas such as cybercrime and the drug trade, and saying new rules are being drafted to wrap up inquiries within fixed timeframes.
The move comes as Pakistan builds out its broader crypto framework, including lifting an eight year crypto banking ban, creating PVARA, and advancing licensing for crypto exchanges, Decrypt added, noting it has also explored cross border payments involving a USD 1 stablecoin linked to a World Liberty Financial affiliate.