Pakistanis transfered $15 billion abroad in 2017, startling revelations surface

Pakistanis transfered $15 billion abroad in 2017, startling revelations surface
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*ISLAMABAD: A startling report, compiled by 12-member committee of experts, reveals that Pakistani citizens have transferred a sum of $ 15 billion abroad during the financial year 2016-17.*

Chief Justice of Pakistan Mian Saqib Nisar had ordered the court on March 26 to constitute a committee of 12 experts having insight into the process of accumulation of undeclared foreign assets by Pakistani citizens and prepare a report in this regard.

The committee consisted of Governer State Bank Tariq Bajwa, Chairman FBR Tariq Pasha, Additional Attorney General Mohammad Waqar Rana, senior lawyer Khalid Anwar, Advocate Ikramul Haq, Finance Secretary Arif Ahmed Khan, Shabbar Zaidi, Mehmood Mandiwala, Bashir Ali Muhammad, Tariq Paracha, Nisar Muhammad Khan.

The committee was assigned the task to propose legislative and executive measures for tracing and retrieving such assets held abroad.

The report highlights that during the financial year 2016-17 a staggering amount, US$15.253 billion, was transferred abroad by Pakistani citizens through normal banking channels. The committee also suggested that during the said period a substantial amount of transfers took place from Pakistan under unauthorised and undocumented Hundi and Hawala mechanisms.

The CJP had taken suo motu notice related to retrieving the alleged ill-gotten money from foreign accounts.

Economy