ISLAMABAD – The International Monetary Fund (IMF) has called for enhancing the operational effectiveness of Pakistan’s National Accountability Bureau (NAB) and introducing further reforms in Anti-Money Laundering (AML) laws to improve governance and curb corruption. However, the Pakistani government plans to formally challenge parts of the IMF’s draft Governance and Corruption Diagnostic (GCD) Assessment, arguing that some findings do not reflect ground realities.
Senior officials confirmed that Pakistan will submit detailed objections to the IMF’s report, particularly regarding AML and counter-terror financing measures, before its final publication by August 2025. The IMF’s assessment aims to identify governance weaknesses and propose structural reforms, with an action plan expected by October 2025. Pakistan has already committed to strengthening its anti-corruption framework to ensure a fair business environment and sustainable economic growth.
Following the UN Convention Against Corruption (UNCAC) review, the federal cabinet formed a committee in March 2025 to assess the findings. The government now plans to publicly release the full UNCAC report on its website, as well as through NAB and provincial anti-corruption bodies. Additionally, in light of a recent Supreme Court ruling on the NAB Ordinance, authorities will focus on improving NAB’s independence and investigative capacity, especially in high-value corruption cases (above Rs500 million). Coordination with agencies like the FIA and provincial anti-corruption bodies will also be enhanced.
As part of its AML reforms, Pakistan has amended the Civil Servants Act, 1973, requiring senior officials (BPS 17-22) to digitally declare assets—including foreign holdings—which will be made publicly accessible under the Right to Information Act, 2017. Sensitive details like bank accounts and ID numbers will remain protected. The Establishment Division and FBR are finalizing regulations to centralize and verify these declarations.
Moreover, under the “Banks’ Access to Asset Declarations” initiative, the State Bank of Pakistan (SBP), FBR, and Financial Monitoring Unit (FMU) will allow banks to access officials’ asset records to improve AML compliance and risk profiling of politically exposed persons (PEPs). A new digital portal launched in December 2024 enables banks to request and receive this data within 24 hours.
In line with the National Fiscal Pact, provinces will also implement similar reforms for provincial officials (BPS 17-22), with support from federal agencies. The Financial Monitoring Unit (FMU) will issue a notification by December 2025, authorizing provincial anti-corruption bodies to investigate money laundering linked to corruption and access financial intelligence. These measures aim to strengthen transparency, curb illicit financial flows, and restore investor confidence in Pakistan’s governance systems.
