The Pakistan government is planning on applying new cryptocurrency regulations, aiming at improving the country’s track record fighting financial fraud, reported by the local news outlet The Express Tribune on April 1.

Looking to lower the level of crime such as money laundering and terrorist financing, the Electronic Money Institutions (EMIs) regulations were introduced as part of the action plan pertaining to the Financial Action Task Force (FATF), which has voiced concerns related to cryptocurrency’s role in terrorist financing.

“These regulations will help combating money laundering and terrorism financing while it will also help regulation of digital currency throughout the country,” said unidentified sources.

Introducing the new regulations, a ceremony will be held at the Islamabad office of the State Bank of Pakistan on Monday, with the present of federal minister for finance Asad Umar and the bank’s governor, Tariq Bajwa.

“Given the limited progress on action plan items […] the FATF urges Pakistan to swiftly complete its action plan, particularly those with timelines of May 2019,” Reuters quoted FATF spokesperson, claiming Pakistan government’s combating plan is insufficient.

Last week, actions were made against nine companies accused of using cryptocurrency as part of illegal operations. “Such schemes, offering hefty profits and incentives can deprive the unsuspecting public of their hard-earned money who fall prey to the inducements,” a follow-up statement by the Securities and Exchange Commission (SECP) read. It continued: “It is further clarified that a mere registration of a company with SECP does not mean that it can get involved in unauthorized and unlawful activities.”