ISLAMABAD – The volume of hidden assets stashed by Pakistani nationals indifferent tax havens abroad stood at $350 billion (Rs43 trillion), a newreport has revealed.

Only accounts, properties worth Rs1,003 billion (US$8.1 billion) weredeclared by over 5,300 entities, individuals under the amnesty scheme 2018in the past three months.

“By the close of Amnesty Scheme 2018 on July 31st, 2018, declarations from5,363 entities (individuals/companies) had disclosed foreign assets worthRs1,003 billion (US$8.1 billion), with major share of declared assetslocated in the UAE.

“The properties, account holders in other tax-haven countries benefitedonly marginally from this scheme,” revealed the confidentialdetailsrevealed the confidential details submitted to the Supreme Court.The declared amount of US$8.1 billion is around 2.3% of overall illegallyparked amount,accounts worth US$350 by thousands of Pakistanis whoallegedly violated the national laws by establishing their assets abroad.

“The total volume of Dubai properties is over Rs4, 240 billion with annualinvestment and growth of Rs220 billion where Pakistani property agents,investors are counting them as over 5,000 individuals, entities,” suggestedthe details collected from the Federal Investigation Agency, State Bank ofPakistan, Federal Board of Revenue, Security Exchange Commission ofPakistan, Finance Division and other financial institutions.

The shocking details also revealed that the British government has listedPakistan among top three money laundering source countries after Nigeriaand Russia. The institutions have also cited reference of the BritishNational Crime Agency 2018 Report.