SBP snubs social media reports linking Raast to money laundering
The State Bank of Pakistan has officially denied reports that the FATF identified the 'Raast' instant payment system as a vehicle for money laundering. The central bank clarified that the FATF report only referenced Raast as a legitimate domestic payment channel.
Why it matters
Correcting misinformation regarding national financial infrastructure is vital for maintaining public trust and international financial reputation.
--> Home Pakistan SBP rejects 'misleading headline' linking Raast to money laundering in wake of FATF report Maintains that Raast does not currently facilitate cross-border transfers
facebook --> twitter --> whatsup --> linkded --> email MORE (3) Messenger Whatsapp --> SBP rejects 'misleading headline' linking Raast to money laundering in wake of FATF report The State Bank of Pakistan (SBP) on Friday rejected what it said was a "misleading headline" suggesting that the Financial Action Task Force (FATF) had identified Raast, Pakistan's instant payment system, as a channel for money laundering.
In a statement issued on X in response to what it described as a "misleading headline circulating on social media", the central bank said a FATF report issued a day ago neither identified Raast as a money laundering mechanism nor raised any specific concerns about the integrity of its payment infrastructure.
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