The State Bank of Pakistan has rejected what it described as misleading media reports claiming that the country’s Raast instant payment system was identified as a money-laundering channel by the Financial Action Task Force (FATF).
The SBP said a headline circulating on social media had misrepresented the findings of a FATF report.
According to the SBP, the report does not identify Raast as a money-laundering mechanism and does not raise any specific concerns about the integrity of its payment infrastructure.
The central bank said the FATF report discusses the potential misuse of formal banking and payment channels by underground banking and hawala networks operating across different countries and jurisdictions.
Raast, the SBP said, is mentioned in the report only as a legitimate domestic payment channel used for local transactions and transfers.
The central bank also clarified that Raast does not currently facilitate cross-border transfers.
The SBP said it remained committed to maintaining the integrity of Pakistan’s payment systems and would continue monitoring and strengthening safeguards in line with international standards.
