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CJ forms committee to prepare legal guidelines for retrieval of money from abroad
The chief justice of Pakistan (CJP) on Thursday formed a three-member committee to prepare terms of reference (TORs) that can help the government recover money smuggled out of the country and stored in foreign accounts.
The committee will be headed by State Bank of Pakistan (SBP) Governor Tariq Bajwa and comprises Federal Board of Revenue (FBR) Chairman Mohammad Irshad and Federal Finance Secretary Arif Ahmed Khan.
CJP Mian Saqib Nisar formed the committee after the FBR claimed there were no legal guidelines available for the tax authority to retrieve money stored in banks abroad.
Justice Nisar had taken a suo motu notice of foreign bank accounts held by Pakistani citizens on February 1. The three-member SC bench headed by Justice Nisar and comprising Justice Umar Ata Bandial and Justice Ijaz-ul-Ahsan, had asked the 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, SBP, Securities and Exchange Commission of Pakistan and Finance Ministry to submit a detailed report on the matter in court.
The CJP said 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.
The report that was submitted today highlighted the legal difficulties being faced by the FBR. According to the report even though the FBR was investigating Pakistanis that were named in the Panama Papers, there was no legal framework available for the provision of information regarding foreign assets and accounts. However, an amendment can enable authorities to gain details of the money and assets stored abroad.
The CJP said that while there were citizens who had used legal means to transfer money abroad, a majority of people smuggled the money into foreign countries.
The officials were told by teh bench to investigate the amount of money that had been transferred from Pakistan to foreign accounts.
Justice Bandial told the committee to investigate how much money was transferred illegally and at the same time warned that the investigation must not exceed legal boundaries.
"First you need to identify the people who transferred their money abroad without paying tax [on it]," Justice Bandial said.
"This is a matter of tax payment and public welfare," he added.
The chief justice expressed his confidence in the committee officials and said that the nation will hail them as "heroes" if they succeeded in paving a legal channel for bringing back the money stored abroad.
"It is said that all our debts would be paid if the money stored abroad is brought back to the country," the CJP said.
Justice Bandial, however, said that the investigation should not "create any panic" in the country.
Comments (18) Closed
Good decision, and let's hope the proposed committee is organised quickly, based on honesty, ability to investigate, merits, and they start their work without any influence and pressure. Nation want to see, all looted and black money back and spent on education, health care, security, providing all basic necessities to all people!
A long and difficult journey but at least the first step in the right direction has been undertaken.
I salute you sir for taking this revolutionary step For taking money back . Swis Govt stated that Pakistanis have 200 billions dollars in Swis bank and 98 billion dollars in other swis banks.
Bravo CJP, what an another bold action taken to bring the looted money back in the country.
CJ is working hard and not only doing his own job but also the jobs our incompetence political elite the so-called Leaders
A good step in the right direction. it is high time to quash sub section 4 of section 111 of the income tax ordinance as it hampers FBR officials to ask question regarding foreign income which is re routed again and again. besides this section was termed as a "black spot" on Pak's economy by the then US secretary of state condolizza rice.
Wow, Bravo CJP we are with you.
Great move by the Supreme Court and the Chief Justice and if there are insurmountable obstacles in terms of absence of local laws for recovery of stolen money plus difficulties in dealing with foreign governments to transfer the looted wealth back to the country of origin, the court should direct the government to make a list of those who illegally transferred wealth abroad and the amounts transferred and once that is done, all the assets at home and wherever possible must be confiscated by the government
C.J enjoys the support of all honest citizens.
All Pakistanis will support to get the looted money back in to country.
Will that day come when all this will happen?
Certainly, a first and foremost requirement of all loyal Pakistanis who want to see Pakistan free from any debt and every Pakistani must be given equal rights.
@Dr. Salaria, Aamir Ahmad, A task should be achievable, this action by the judiciary is like banning social media from sharing news ............ unachievable however good the intentaion may be. To put it simply , the world economy is growing unipolar and we can't live in isolation , and we just don't have the professional competance to ensure this nor required.
The only ray of hope, the most sympathetic and trustworthy CJ of Pakistan ever. Carry on Sir: the goal is not far.
I think its only good for propaganda.If we cant protect money of taxes and that received from genuine tax payers how can we bring money from outside.Its only attempt by non professionals to hoodwink masses.
Committee will work and do recommendation. So far the history shows that it is a waste of time. As the corrupt poitician will not shoot their own legs
i don't.
@Anti-Corruption_Pakistani start sending in what you know then...