ISLAMABAD: Taking a suo-motu notice, Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Thursday directed the Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan and the Finance Ministry to submit details of wealth deposited in foreign bank accounts or being stored abroad by Pakistani citizens.
The CJP also sought such details of foreign assets held by Pakistani citizens. He noted that reports were circulating that many Pakistanis in positions of power hold accounts in foreign banks and have been looting the country’s money and transferring it abroad through illegal channels.
He said the money looted and deposited in overseas bank accounts is a national asset and has to be brought back to Pakistan.
“The SBP, Intelligence Bureau, Inter-Services Intelligence, Military Intelligence and Federal Investigation Agency should share their information with the court, the chief justice asked.
The FBR has been asked to share in a report submitted in the apex court what steps it had taken regarding the matter of offshore companies after the release of the Panama Papers and Paradise Papers, which revealed details of wealth stored abroad by Pakistani citizens.
“The SBP, Intelligence Bureau, Inter-Services Intelligence, Military Intelligence and Federal Investigation Agency should share their information with the court,” the chief justice said.
He said the Foreign Ministry and SBP should share details of Memorandums of Understanding and agreements to be inked with various countries for the return of looted money to the country.
The CJP also directed FBR chairman to tell the court how many Pakistanis hold accounts in Swiss banks, and the banks in other countries.
Published in Daily Times, February 2nd 2018.
