ISLAMABAD – Pakistani government has traced 2,750 properties in Dubaiamounting to a massive Rs 4.2 trillion.
State Bank of Pakistan (SBP), Federal Investigation Agency (FIA) and theFederal Board of Revenue (FBR) have started taking action against 5,000extremely rich Pakistanis who have acquired properties in UAE by violatingPakistani laws.
The authorities have already discovered properties worth Rs 4.2 trillionand inquiries have been initiated through field offices. Earlier, the FIAinitiated criminal inquiries against 662 property holders, however, thesehad to be stopped due to the tax amnesty scheme 2018 and non-provision ofdata by the Dubai Land Department. These inquiries have been reopened now.
The anti-corruption wing of the FIA has started crackdown against 621properties revealed by another source. The confidential report revealedthat:
FIA has till date, taken cognisance of 2,750 undisclosed properties(apartments etc.) of Pakistani nationals held in the UAE on various namesand inquiries are underway.
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Mutual Legal Assistance (MLA) Rules have been drafted by amicuscuriae, Ahmer Bilal Sufi, which will be used to make MLA request tomoney-laundering havens to recover illegal assets. The MLA Rules need to beapproved by the apex court of Pakistan before sending requests.
The report mentioned that Pakistanis own property worth $150 billion (Rs.18.47 Trillion) in the UAE, $100 billion in the US and UK, and $200 billionin Switzerland.
