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  1. #1
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    Pakistanis own assets worth $150bn in UAE, SC told

    The Supreme Court was told on Monday that Pakistanis own around $150 billion worth of properties and assets in the UAE alone.

    The revelation came in a report compiled and presented in court by chartered accountancy firm A.F. Ferguson. The report was submitted in connection with a SC case on Pakistani nationals' properties and bank accounts abroad. The firm, however, cautioned that the data be 'handled with care'.

    "Such a massive amount is still parked abroad despite the amnesty scheme?" Chief Justice Mian Saqib Nisar asked those present.

    State Bank of Pakistan (SBP) Governor Tariq Bajwa briefed the apex court on measures taken to recover ill-gotten funds, saying: "Notices have been issued to the 125 people who have assets in the UAE. If they write on affidavits that they do have assets outside of Pakistan, we will interrogate and tax them. But if they deny that, then we can take the help of the UAE government and ask them to take action in accordance with benami properties law."

    The SBP governor said that the Federal Investigation Agency, the National Accountability Bureau and other agencies' assistance had also been sought.

    The chief justice expressed his dissatisfaction on the progress of the case, remarking that those concealing their assets abroad qualify for money laundering trials.

    Shabbar Zaidi, the audit firm's chief, told the court that wealth is transferred outside Pakistan via two channels: "Havala and banking routes".

    As regards the latter, he said: "Funds are moved abroad by showing it as agricultural income."

    At this, Justice Umar Ata Bandial asked the SBP governor if a ban has been placed on transferring foreign exchange outside Pakistan.

    "Only a sum of $10,000 is permitted to be taken outside of Pakistan," Bajwa said.

    The SBP governor further said that a separate list of 225 Pakistani nationals who have properties in London has also been obtained.

    Meanwhile, Attorney General Mansoor Ali Khan assured the court that the new government is "serious about bringing back the money".

    "A task force has been formed under the PM's stewardship," the attorney general said. "The govt wants the apex court to provide guidance in this regard."

    https://www.dawn.com/news/1430725/pa...in-uae-sc-told

  2. #2
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    Imagine if even 10% tax was paid on this... we would have been in much better off situation economically


    #Hum apko container deingaye dharnay ke liyay

  3. #3
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    These people deserve an NRO for services to tax avoidance. Make it happen Imran Khan.

    Khaatay hain laykin lagaatay bhi hain.

    But seriously as @Syed1 just said, even taxed at 10% we'd have $15bn sat in the bank, and that's just from one country, imagine what else is out there, Switzerland, Cayman Islands, London, India...

  4. #4
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    Task force formed to get ill-gotten money from abroad

    ISLAMABAD: Taking a step forward to fulfil its promise of retrieving ill-gotten wealth of Pakistanis in foreign countries, the government has formed a high-powered task force comprising officials of the Federal Investigation Agency, National Accountability Bureau as well as intelligence agencies

    In this regard, the government has decided to enforce an anti-corruption rule which offers informers 20 per cent of the looted wealth recovered through information provided by them. The rule exists in accountability laws but has seldom been enforced.

    The government also made another significant decision to introduce uniform curriculum not only in public and private schools but also in religious seminaries (madressahs).

    These decisions were made in a federal cabinet meeting held at PM Office on Wednesday with Prime Minister Imran Khan in the chair.

    The meeting also decided to abolish discretionary funds of all ministries estimating that with this move, over Rs 80 billion would become available to the national kitty.

    Under other decisions, the government will establish an orphanage in the federal capital to offer shelter to homeless beggar women and children and provide assistance to Pakistanis languishing in prisons of foreign countries so that they could be reunited with their families.

    “Initially we will target 100 big fish to retrieve their ill-gotten wealth stashed in foreign countries,” said Special Assistant to Prime Minister on Accountability Shahzad Akbar at a press conference held after the cabinet meeting. Information Minister Fawad Chaudhry was also present.

    Mr Akbar said the whistle-blower law would be enforced immediately through an ordinance offering a reward worth 20 per cent of the recovered amount to those people who would help recover such money. The names of informants would be kept confidential.

    The special assistant said another ordinance on mutual legal assistance would be promulgated which would help remove bottlenecks in the way of seeking information regarding illegal wealth from foreign countries.

    He said Prime Minister Imran Khan had directed the foreign ministry to send a high-powered delegation to Switzerland to expedite ratification of a treaty on exchange of information on bank accounts. “Unfortunately the treaty has been dumped in files since 2012 intentionally by the previous rulers, instead of being ratified. Now the prime minister has issued directives to immediately ratify the treaty so that the government can get information regarding transfer of corruption money into Swiss banks by the Swiss authorities,” he added.

    Responding to a question about the total amount of money laundered abroad, the special assistant said it would be difficult to say what it was but the main thing was that the government was committed to retrieving it.

    Mr Akbar said the prime minister was so concerned about the recovery of looted money that he would himself monitor the progress of the task force and other relevant departments in this regard.

    Information Minister Fawad Chaudhry said the prime minister wanted uniform curriculum not only in private and public sector schools but also in seminaries.

    “Different modes of education in different types of schools is the source of disparity in our education system and divides our children in different categories,” he said.

    The minister said introducing uniform curriculum in the whole country was not an easy task but the federal government was committed to doing that with the cooperation of the provincial governments.

    “We know that education, health, sanitation and provision of potable water are provincial subjects but they will be driven from the Centre,” he added.

    Education became a provincial subject after the 18th Amendment and the decision of uniform curriculum is expected to spark a controversy in the country over the ‘centre’s interference’ into provincial affairs.

    The Pakistan Tehreek-i-Insaf (PTI), which is ruling at the centre and in the provinces of Punjab and Khyber Pakhtunkwa, will have to convince the government of two other provinces — Sindh and Balochistan — in this regard. “We believe that no provincial government will oppose the idea that all children of the country should have a similar opportunity of seeking education,” he hoped.

    The information minister said the cabinet had also decided to take concrete steps to provide education to over 25 million children who were presently out of schools.

    Regarding Pakistani prisoners in different countries, he said there were more than 10,000 Pakistani nationals in jail abroad and the government wanted to help them so that they could return to their families.

    He said approximately 3,000 Pakistani prisoners on death row in Iran would be granted relief since Tehran had amended its anti-narcotics laws.

    “We took up the matter with Iranian Foreign Minister Javad Zarif during his recent visited to Islamabad and the Pakistani embassy is also in touch with the prosecutor general in Tehran for early release of the prisoners,” Mr Chaudhry added.

    The cabinet also made decisions on initiatives regarding health, water and sanitation. “Although they fall under [the domain of] the provinces, we think they are important (sectors) and will be driven by the federal government,” he said.

    He reiterated the government’s resolve to provide due rights to all minorities as guaranteed in Islam.

    The information minister’s statement comes a day after he defended the appointment of Atif Mian, a leading international academic, to the government’s Economic Advisory Council amid criticism in the social media that the expert belongs to the Ahmadi faith.

    “Those who have objections to Mian’s appointment are basically extremists, and we will not bow to extremists,” the minister said. “Protecting minorities is our responsibility. It is the religious duty of every Muslim, not just the government, to protect minorities and respect those they live with.”

    Replying to a question, Mr Chaudhry said, “Protection of minorities is an integral part of Islamic principles. When we speak about Khatm-i-Nubuwat, we recognise the finality of Prophet Muhammad (peace be upon him) and we also recognise Islamic education which teaches us about rights of minority communities.”

    https://www.dawn.com/news/1431260

  5. #5
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    Lol at another task force, what next? Another task force? How about taking serious action now

  6. #6
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    Quote Originally Posted by Savak View Post
    Lol at another task force, what next? Another task force? How about taking serious action now
    Where's Gullu Butt when you need him, he'd take serious action without the need for task forces or diplomacy and going through the correct channels.

  7. #7
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    Quote Originally Posted by Savak View Post
    Lol at another task force, what next? Another task force? How about taking serious action now
    You need to be patient!

    You just can't go up to a country and say "hey, thats our money, give it back!" doesn't work like that. Have to go through the proper channels. Give them time!

  8. #8
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    Quote Originally Posted by mmkextreme_1 View Post
    You need to be patient!

    You just can't go up to a country and say "hey, thats our money, give it back!" doesn't work like that. Have to go through the proper channels. Give them time!
    Sure. But am not sure what creating one task force over another will achieve. I believe 3 task forces have already been created for the purpose of retrieving ill gotten wealth from foreign countries.

  9. #9
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    Quote Originally Posted by Savak View Post
    Sure. But am not sure what creating one task force over another will achieve. I believe 3 task forces have already been created for the purpose of retrieving ill gotten wealth from foreign countries.
    Each issue/incident is going to require a task force. Not one task force can take care of all of it. What else do you want them to do?

  10. #10
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    I think it will take no less than a miracle to bring home the looted wealth and If anyone could make it happen Imran Khan could..
    Last edited by shaaik; 7th September 2018 at 18:25.


    When in Doubt- Act Stupid....... That's Pakistan Cricket for you.

  11. #11
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    From what i hear in the media is that the UAE authorities are cooperating with the Pakistani government. This is good news and i can see some recovery of looted wealth in the near future.

  12. #12
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    We know Dubai and the UAE as a whole is where our corrupt politicians hide their wealth. Bring it all back and we will be totally clear of all debt. The government seems to slow in taking action. We need a vigilante to bring the guilty to justice.


    PP's own self proclaimed sharpshooter and defender of Islam and Pakistan.

  13. #13
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    So what?

    Pakistan don’t have a system in place to stop it or prove it so the people have a right to do as they please.

    The reason why it’s less common in the UK and the USA is becasue they have the HMR and IRS.

  14. #14
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    This is such a meaningless statement. Something like 10% of the UAE population is Pakistani who work and earn a living there. Of course they're going to keep their assets in the UAE.


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