ISLAMABAD: The International Monetary Fund (IMF) has recommended that Pakistan enhance the operational effectiveness of the National Accountability Bureau (NAB) and bring further reforms to its anti-money laundering (AML) legislation.
The suggestion comes under the IMF’s draft Governance and Corruption Diagnostic (GCD) Assessment, which is scheduled for publication by the end of October 2025. However, Islamabad plans to raise formal objections, saying some of the identified shortcomings in the draft report do not reflect the realities on the ground.
“We have received the IMF’s draft GCD Assessment and will submit detailed observations, especially on money laundering and counter-terror financing, before the final report is published,” senior officials confirmed on Friday.
The IMF wants Pakistan to build stronger institutions to combat corruption, ensure a level playing field for businesses, and support long-term economic growth. The final report will include an action plan identifying priority structural reforms.
As part of its commitments, Pakistan has already taken steps in line with the United Nations Convention against Corruption (UNCAC). The cabinet recently decided to publish the full UNCAC review report, making it available online through NAB and the provincial anti-corruption bodies.
The government has also pledged to improve NAB’s independence, especially in investigating corruption cases involving sums above PKR 500 million, while strengthening coordination with the FIA and Provincial Anti-Corruption Establishments (PACEs).
Further, the Financial Monitoring Unit (FMU) will empower PACEs to investigate money laundering offences within their jurisdictions by December 2025. In addition, civil servants from BPS 17–22 are now required to file digital asset declarations—including domestic and foreign assets of their families—which will be made public with data protection safeguards in place.
The Establishment Division and FBR will centralise submissions, digitise records, and conduct risk-based verification of these declarations. Banks will also continue to gain access to senior officials’ declarations through a dedicated online portal, aiding compliance with AML/CFT obligations and improving risk profiling of politically exposed persons (PEPs).
Provincial governments, with the help of the federal authorities, will issue regulations to extend similar transparency measures to senior provincial officials.
