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Money laundering

July 08, 2018


THE report submitted to the Supreme Court by the committee headed by State Bank governor revealed that $15.25 billion was transferred abroad in 2016-17 from Pakistan through normal banking channels by foreign currency account holders. This should awaken anybody who has any sense of loyalty to this country.

Pakistan is facing an acute financial crisis with low foreign exchange reserves, yet financial regulatory agencies seem least bothered. This does not include billions transferred through hundi and hawala and other irregular channels.

It is a few dual nationals, who having revoked all loyalty to Pakistan, continue to do business here, getting lucrative contracts and high paying jobs. They do this because they cannot get similar opportunities in their adopted countries where the writ of law prevails. In documented economies and you cannot get away with tax evasion and substandard contracts.

They manage to penetrate political parties by funding their election campaigns with a few thousand dollars in return for favours. It seems the future of 200 million Pakistanis is being sacrificed on the altar of a few thousands who have already abandoned this country having relocated their families and assets abroad.

Drive down Dubai’s Sheikh Zayed Road, Emirates Hill or UK, France, Canada, etc., and view palatial houses, high-rise buildings and penthouses by those who pay a pittance in taxes here, but earn billions in black economy.

Gull Zaman


Published in Dawn, July 8th, 2018