SBP rejects claims linking Raast to money laundering

MG News | September 05, 2026 at 02:42 PM GMT+05:00

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September 05, 2026 (MLN): The State Bank of Pakistan (SBP) has clarified that recent social media reports claiming the Financial Action Task Force (FATF) identified Raast as a money-laundering channel are misleading and misrepresent the actual findings of the FATF report.

The central bank said the FATF report does not identify Raast as a money-laundering mechanism, nor does it raise any concerns regarding the integrity of the Raast payment infrastructure.

According to SBP, the report instead discusses the potential misuse of formal banking and payment channels by underground banking and hawala networks across various countries and jurisdictions, with Raast referenced only as Pakistan's legitimate domestic payment channel.

SBP clarified that Raast is used exclusively for domestic payments and transfers and does not currently facilitate any cross-border transactions.

The central bank reaffirmed its commitment to maintaining the integrity of Pakistan's payment systems, adding that it continues to monitor and strengthen safeguards in line with international standards.

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