SBP reacts to social media post
KARACHI: The State Bank of Pakistan (SBP) has taken notice of a misleading headline on a social media platform suggesting that the Financial Action Task Force (FATF) has identified Raast as a channel for money laundering. The FATF report neither identifies Raast as a money-laundering mechanism nor raises any specific concern regarding the integrity of the Raast payment infrastructure. Any…
Karachi: The State Bank of Pakistan (SBP) has come across an inaccurate headline on social media that claims the Financial Action Task Force (FATF) has labeled Raast as a money laundering channel. However, the FATF report does not identify Raast as a mechanism for money laundering, nor does it raise any concerns about the integrity of the Raast payment system. The headline's portrayal is a misrepresentation of the report's content and findings.
The FATR report focuses on the potential misuse of formal banking and payment channels by underground banking and hawala networks in different countries and regions. Raast is mentioned in the report as the legitimate domestic payment channel that is utilized exclusively for domestic transactions and transfers. Importantly, Raast does not currently offer cross-border transfers.
The State Bank of Pakistan (SBP) is dedicated to preserving the integrity of Pakistan’s payment systems. The bank is actively monitoring the situation and strengthening its safeguards in accordance with international standards.
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