CJP unimpressed with govt’s effort in curtailing flow of capital from Pakistan

CJP unimpressed with govt’s effort in curtailing flow of capital from Pakistan

ISLAMABAD: Chief Justice of Pakistan (CJP) Saqib Nisar during the hearing of a suo motu case related to foreign bank accounts held by Pakistanis on Wednesday showed disdain over the lack of government effort in curtailing the flow of capital from the country.
During the hearing, the chief justice observed that the government could have enacted an ordinance to stem the flow of capital remarked and that nothing is known so far of the Pakistanis named in the Panama and Paradise leaks.
A senior Federal Board of Revenue official informed the court that an amnesty scheme will be offered to encourage Pakistanis to declare their foreign assets.
On February 1, the Supreme Court had taken suo motu notice of funds deposited in foreign bank accounts and foreign assets held by Pakistani citizens.
Chief Justice Nisar had remarked that many Pakistanis in positions of power hold accounts in foreign banks and have been looting the country’s money and transferring it abroad through illegal channels.
The International Consortium of Investigative Journalists (ICIJ) in November last year released a trove of around 13.4 million documents, revealing over 25,000 companies owned by the world’s ultra-rich and influential individuals, including those in Pakistan as well.
Former prime minister Shaukat Aziz was found linked with Antarctic Trust an offshore company exposed in Paradise papers leak. The trust was set up by him whose beneficiaries include his wife, children and granddaughter. Aziz had set up the trust in Delaware (USA) before becoming finance minister. Interestingly, the trust was neither declared during his stint as finance minister nor as prime minister.


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