Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Thursday took suo motu notice of foreign bank accounts held by Pakistani citizens.

Justice Nisar said there are reports circulating that people in positions of power have been looting money and transferring it to foreign countries.

The Supreme Court asked the Federal Board of Revenue (FBR) to share in a report submitted in court what steps it had taken regarding the matter of offshore companies after the release of the Panama Papers and Paradise Papers, which revealed details of wealth stored abroad by Pakistani citizens.

The court directed the FBR, State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan and Finance Ministry to submit a detailed report on the matter in court.

"The SBP, Intelligence Bureau, Inter-Services Intelligence, Military Intelligence and Federal Investigation Agency should share their information with the court," the chief justice said.

He added that the Foreign Ministry and SBP should share details of Memorandums of Understanding and agreements to be inked with various countries for the return of looted money to the country.

Additionally, the CJP directed FBR Chairman Mr Tariq Mahmood Pasha ─ a close aide of former finance minister Ishaq Dar ─ to tell the court how many Pakistanis hold accounts in Swiss banks, and banks in other countries.