Illegal assets abroad: Federal Cabinet all set to take major decision

Illegal assets abroad: Federal Cabinet all set to take major decision

*ISLAMABAD - The Federal Cabinet meeting will be held tomorrow with several key decisions on the agenda.*

The Cabinet is expected to give approval for formalising Assets Recovery Unit (ARU) announced by the government for retrieval of unlawful assets stashed abroad.

Under the ToRs of the ARU, the body will be empowered to get any kind of information from any federal or provincial department and the relevant department will share the information within seven days.

The ARU through the law-enforcement agency (LEA) or any relevant department may seek such assistance and information including but not limited to bank accounts, records of companies, revenue records, travel record or data from the National Database Registration Authority (NADRA).

The Cabinet also has on agenda the approval for appointment of chairman Board of Investment.

It is also expected that the meeting will give the go-ahead for amendment into Pakistan Navy Act 1961. An amendment has also been proposed in the Income Tax bill, which will subsequently be presented in the National Assembly for passage.

On Sept 5, the government had established a task force to bring back money illegally shifted abroad from Pakistan.

Information Minister Fawad Chaudhry had said the decision in this regard was taken during the federal cabinet meeting chaired by Prime Minister Imran Khan.

Addressing the presser, the minister said a unit had been established at the PM House for coordination in measures for bringing back looted money from abroad.

The unit comprises officials from National Accountability Bureau and Federal Investigation Agency, he added. He also informed that Rs 80 billion had been saved days after abolishment of the discretionary fund. The public money was retrieved into the public exchequer after projects like laptop scheme were shelved