The decision comes amid an investigation into spot-fixing involving three members of the Pakistani team at a Test match against England during a recent tour of the UK.
The PCB was told to put in place an education programme, a disciplinary process and an anti-corruption code.
In addition, the Pakistan board was warned against any actions or public comments that could undermine the integrity of the game or the ongoing investigation.
PCB chairman Ijaz Butt was recently forced to publicly retract unsubstantiated claims that England players were also rumoured to be involved in match-rigging.
The ICC also concluded a probe into allegations of match-fixing at a one-day international between England and Pakistan at London’s Oval as part of the same Pakistan tour of the UK.
The council found “no compelling evidence to suspect individual players or support staff.”
