Published Sep 02, 2018 05:28pm

SBP briefs SC on steps for recovery of undisclosed foreign assets held by overseas Pakistanis

Haseeb Bhatti

The State Bank of Pakistan (SBP) has submitted the terms of reference (ToR) for the assets' recovery before the Supreme Court.

The terms were filed by a standing committee — initially constituted by the Chief Justice of Pakistan as a three-member committee — on Saturday in a suo motu hearing of the case regarding undisclosed foreign assets held abroad by Pakistani citizens.

The committee constituted to take appropriate action for the recovery of the undisclosed foreign assets comprises the following:

  1. Governor, State Bank of Pakistan
  2. Secretary Finance, Government of Pakistan
  3. Secretary, Ministry of Interior, Government of Pakistan
  4. Chairman, Federal Board of Revenue (FBR)
  5. Deputy Chairman, National Accountability Bureau (NAB)
  6. Director General, Federal Investigation Agency (FIA)
  7. Chairman, Securities and Exchange Commission of Pakistan (SECP)
  8. A representative of Intelligence Bureau (IB)
  9. A representative of Ministry of Foreign Affairs (MoFA)

The committee can co-opt any other member, as it deems appropriate.

According to the ToR, a copy of which is with Dawn.com, the committee will initially proceed based on information available with the Federal Investigative Agency (FIA) about assets of Pakistani citizens in UAE. It will also review the information available with the FBR regarding assets of Pakistani citizens in the UK.

Read next: Dawn Investigations: The Pakistanis who have offshore properties worth millions

The committee will submit a monthly progress report to the SC starting from the end of September, 2018. It has decided to constitute a joint task force (JTF) consisting of representatives of the FIA, FBR, NAB and other such agencies.

The task force, based on the ToRs submitted in the SC, will proceed in the following manner:

The next hearing is due to take place tomorrow [Monday].

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