220m Pakistanis only want one thing: "Looted & Stolen money bring it back to Pakistan fast"
- Thread starter Asian.Century
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Asian.Century
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Why do make tall claims of Pakistani $350 billion stashed in foreign countries and bank accounts and make promises to return back the money, but yet not a single money ever returned back. Quiet Pathetic and disgusting!!!
imadul
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This govt has all its horns entangled. They should had set 5 priorities and work on them.
1. Fix FBR
2. Fix beaurocracy
3. Minimize Corruption through state institutions
4. Work with foreign attorneys and companies to find looted wealth on %age
5. Fix police and lower judiciary
Achieving this would have been a great revolution.
Asian.Century
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I think this tall claim by PTI for getting money back worth billions has totally failed. Imran Khan , ISI etc all has been able to do fix one thing. Sorry but thats true
Asian.Century
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IF PTI would really want to become the greatest party in Pakistan and IK a great successful legendary leader, then bring back the one and only objective of $350 billion worldwide hidden money back to Pakistan.
Pakistanis hide Rs 43 trillion ($350 b) assets abroad
ISLAMABAD: The authorities probing into the illegal foreign accounts and properties of thousands of Pakistanis disclosed on Tuesday that the volume of hidden assets stashed by Pakistani nationals in different tax havens abroad stood at $350 billion (Rs43 trillion).
Interestingly, the authorities also revealed, for the first time, that only accounts, properties worth Rs1,003 billion (US$8.1 billion) were declared by over 5,300 entities, individuals under the amnesty scheme 2018 in the past three months.
“By the close of Amnesty Scheme 2018 on July 31st, 2018, declarations from 5,363 entities (individuals/companies) had disclosed foreign assets worth Rs1,003 billion (US$8.1 billion), with major share of declared assets located in the UAE.
"The properties, account holders in other tax-haven countries benefited only marginally from this scheme,” revealed the confidential detailsrevealed the confidential details submitted to the Supreme Court. The declared amount of US$8.1 billion is around 2.3% of overall illegally parked amount,accounts worth US$350 by thousands of Pakistanis who allegedly violated the national laws by establishing their assets abroad.
“The total volume of Dubai properties is over Rs4, 240 billion with annual investment and growth of Rs220 billion where Pakistani property agents, investors are counting them as over 5,000 individuals, entities,” suggested the details Geo News exclusively collected from the Federal Investigation Agency, State Bank of Pakistan, Federal Board of Revenue, Security Exchange Commission of Pakistan, Finance Division and other financial institutions.
The shocking details also revealed that the British government has listed Pakistan among top three money laundering source countries after Nigeria and Russia. The institutions have also cited reference of the British National Crime Agency 2018 Report. About the top tax heaven, the institutions have also claimed that Pakistanis stashed US$100 billion in the United Kingdom and United States of America with additional millions of dollars parked in the real estate sectors. They have quoted findings of Shabbar Zaidi of the AF Ferguson, Pakistan in this report. An estimated, over US$200 billion was stashed by Pakistanis in Switzerland, revealed the report, quoting statement of Micheline Calmy-Rey/Swiss Foreign Minister in 2014.
It was also revealed that millions of dollars were also stashed by hundreds of Pakistanis in Hong Kong, British Virgin Island, Bahamas Channel Island Seychelles and other tax havens for corporate vehicles involved in money laundering. About the reasons for poor control over money laundering and difficulties in investigation, the institutions have told the apex court that weak legislative instruments remain a stumbling block to take action against these Pakistanis who violate national laws while stashing billions of rupees abroad illegally.
The FIA says the Foreign Assets Declaration Regulation, 1972 is a non-declaration and not defined as a predicate offence and the authority is not authorized to investigate.
Drawing the attention of the top court the FIA cited the Foreign Exchange Regulation ACT, 1947, Income Tax Ordinance 2001, Section 111-(4) that protects the sources of unexplained income from foreign remittance as well as the Pakistan Economic Reforms ACT 1992, Sections 4 and 5 that protects sources of unexplained income from foreign remittance. About the international laws creating hurdle in the investigations, the institutions informed the court that the United Nations’ Convention against Corruption 2004 did not authorize the FIA to take action against the under question property holders.
Similar is the case with the United Nations’ Convention against Trans-National Organized Crime 2000 (FIA not an Authorized Agency ) and OECDs Multi-lateral Convention on Mutual Administrative Assistance on tax matters, 2011, including Automatic Exchange limited by ITO and PERA.
It was also informed that all institutions are facing multiple challenges for execution of Mutual Legal Assistance (MLA) request and recovery of stolen assets of Pakistani citizens placed in the foreign jurisdictions. The main challenges included: non–provision of autonomy in operations and financing, lack of any legally binding international instrument, lack of legally binding bilateral/multilateral treaties between states, consumption of excessive time for technical assistance by the foreign states for drafting of requests for MLA in accordance with their domestic legal framework, non-uniformity of international cooperation laws in foreign jurisdictions particularly in dual criminality cases and number of channels involved in foreign jurisdictions before the requests of MLA reaches its desired agency, legal office for further evaluation and technical guidance for any eventuality.
The special committee probing illegal foreign accounts, properties of Pakistanis held over seven meetings with representation from Ministries of Finance, Foreign Affairs, Interior, FBR, NAB, FIA, IB and SECP. They all have discussed the initiatives taken to both forestall the unchecked outflow of foreign exchange as well as to trace and bring back undeclared and ill-gotten assets held abroad by Pakistani citizens.
Pakistanis hide Rs 43 trillion ($350 b) assets abroad
ISLAMABAD: The authorities probing into the illegal foreign accounts and properties of thousands of Pakistanis disclosed on Tuesday that the volume of hidden assets stashed by Pakistani nationals in different tax havens abroad stood at $350 billion (Rs43 trillion).
Interestingly, the authorities also revealed, for the first time, that only accounts, properties worth Rs1,003 billion (US$8.1 billion) were declared by over 5,300 entities, individuals under the amnesty scheme 2018 in the past three months.
“By the close of Amnesty Scheme 2018 on July 31st, 2018, declarations from 5,363 entities (individuals/companies) had disclosed foreign assets worth Rs1,003 billion (US$8.1 billion), with major share of declared assets located in the UAE.
"The properties, account holders in other tax-haven countries benefited only marginally from this scheme,” revealed the confidential detailsrevealed the confidential details submitted to the Supreme Court. The declared amount of US$8.1 billion is around 2.3% of overall illegally parked amount,accounts worth US$350 by thousands of Pakistanis who allegedly violated the national laws by establishing their assets abroad.
“The total volume of Dubai properties is over Rs4, 240 billion with annual investment and growth of Rs220 billion where Pakistani property agents, investors are counting them as over 5,000 individuals, entities,” suggested the details Geo News exclusively collected from the Federal Investigation Agency, State Bank of Pakistan, Federal Board of Revenue, Security Exchange Commission of Pakistan, Finance Division and other financial institutions.
The shocking details also revealed that the British government has listed Pakistan among top three money laundering source countries after Nigeria and Russia. The institutions have also cited reference of the British National Crime Agency 2018 Report. About the top tax heaven, the institutions have also claimed that Pakistanis stashed US$100 billion in the United Kingdom and United States of America with additional millions of dollars parked in the real estate sectors. They have quoted findings of Shabbar Zaidi of the AF Ferguson, Pakistan in this report. An estimated, over US$200 billion was stashed by Pakistanis in Switzerland, revealed the report, quoting statement of Micheline Calmy-Rey/Swiss Foreign Minister in 2014.
It was also revealed that millions of dollars were also stashed by hundreds of Pakistanis in Hong Kong, British Virgin Island, Bahamas Channel Island Seychelles and other tax havens for corporate vehicles involved in money laundering. About the reasons for poor control over money laundering and difficulties in investigation, the institutions have told the apex court that weak legislative instruments remain a stumbling block to take action against these Pakistanis who violate national laws while stashing billions of rupees abroad illegally.
The FIA says the Foreign Assets Declaration Regulation, 1972 is a non-declaration and not defined as a predicate offence and the authority is not authorized to investigate.
Drawing the attention of the top court the FIA cited the Foreign Exchange Regulation ACT, 1947, Income Tax Ordinance 2001, Section 111-(4) that protects the sources of unexplained income from foreign remittance as well as the Pakistan Economic Reforms ACT 1992, Sections 4 and 5 that protects sources of unexplained income from foreign remittance. About the international laws creating hurdle in the investigations, the institutions informed the court that the United Nations’ Convention against Corruption 2004 did not authorize the FIA to take action against the under question property holders.
Similar is the case with the United Nations’ Convention against Trans-National Organized Crime 2000 (FIA not an Authorized Agency ) and OECDs Multi-lateral Convention on Mutual Administrative Assistance on tax matters, 2011, including Automatic Exchange limited by ITO and PERA.
It was also informed that all institutions are facing multiple challenges for execution of Mutual Legal Assistance (MLA) request and recovery of stolen assets of Pakistani citizens placed in the foreign jurisdictions. The main challenges included: non–provision of autonomy in operations and financing, lack of any legally binding international instrument, lack of legally binding bilateral/multilateral treaties between states, consumption of excessive time for technical assistance by the foreign states for drafting of requests for MLA in accordance with their domestic legal framework, non-uniformity of international cooperation laws in foreign jurisdictions particularly in dual criminality cases and number of channels involved in foreign jurisdictions before the requests of MLA reaches its desired agency, legal office for further evaluation and technical guidance for any eventuality.
The special committee probing illegal foreign accounts, properties of Pakistanis held over seven meetings with representation from Ministries of Finance, Foreign Affairs, Interior, FBR, NAB, FIA, IB and SECP. They all have discussed the initiatives taken to both forestall the unchecked outflow of foreign exchange as well as to trace and bring back undeclared and ill-gotten assets held abroad by Pakistani citizens.
fitpOsitive
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Remember the troika: general + politician+ bureaucrat.
V. Makarov
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(Stolen money injected into Pakistan's economy)+ (bad institutions) + (incompetency) +( political instability) + (4 years) = [Back to square one]
IK will have to make this country worthy of receiving that stolen money if he is ever able to pull that off. Close analysis of Pakistan's institutions still suggests that much more work is needed to eliminate incompetencies and bureaucratic hurdles.
Pakistan needs a "system" to generate wealth; the wealth itself will not guarantee a good system. If the West is kind enough to give back billions of dollars in looted wealth, it would make no difference as the cursed economy of Pakistan will digest that wealth and not even burp: The likes of DG Parks Karachi ( Liaquat Ali Khan Qaimkhani) will still be able to make billions and have KGs of gold inside lockers in their bedrooms.
IK will have to make this country worthy of receiving that stolen money if he is ever able to pull that off. Close analysis of Pakistan's institutions still suggests that much more work is needed to eliminate incompetencies and bureaucratic hurdles.
Pakistan needs a "system" to generate wealth; the wealth itself will not guarantee a good system. If the West is kind enough to give back billions of dollars in looted wealth, it would make no difference as the cursed economy of Pakistan will digest that wealth and not even burp: The likes of DG Parks Karachi ( Liaquat Ali Khan Qaimkhani) will still be able to make billions and have KGs of gold inside lockers in their bedrooms.
Asian.Century
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Government has Failed.
Return $40 billion looted by Sharif and Zardari families and take ur kuttay Zardaris, Dars, Sharif from the face of Pakistani Pure land forever.
They should face the same fate which Musharaf and Altaf Hussain faced, dying abroad like insects.
Return $40 billion looted by Sharif and Zardari families and take ur kuttay Zardaris, Dars, Sharif from the face of Pakistani Pure land forever.
They should face the same fate which Musharaf and Altaf Hussain faced, dying abroad like insects.
Pyara9
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Our Pm should become a dictator, Ignore Constitution, Ignore all our Justice System. Hang Nawaz n Zardari and after that expect people to follow Rules.
Wait.. we already tried that. Didn't work so good the last time maybe this time it will!!
Good Job Fake flagger!
Asian.Century
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Not a single penny returned. why is PTI and Imran Khan even in power? Punjab is destroyed, Lahore income all looted.
Asian.Century
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As the thread date, it never happened yet.
Genghis khan1
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Interesting things is, if someone break law in west and escape out of country, he is hunted, labeled and countries that refused to cooperate are sanctioned as terrorist sympathizers.
At the same time Europe countries are harboring and hiding economic hits mans of developing countries and wouldn’t cooperate or return their money.
At the same time Europe countries are harboring and hiding economic hits mans of developing countries and wouldn’t cooperate or return their money.
AZADPAKISTAN2009
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When Pakistani get tired of their 8pm to 11 pm political talk show they start demanding looted money from overseas without paying tax locally
Let me spell it out for you
a) No Sovereign country will return a penny to Pakistan , that cash is now part of their economy
b) Pay your own Local Taxes and reward people who pay local taxes
Politician's family , outside
Politician's factory , outside country
Politician's bank account, outside country (Remember Paname Case)
Politician's favourite Judges and Lawyers (All with the client or migrated to Europe)
Judge's family , all overseas
Lawyer property all overseas
Let me spell it out for you
a) No Sovereign country will return a penny to Pakistan , that cash is now part of their economy
b) Pay your own Local Taxes and reward people who pay local taxes
Politician's family , outside
Politician's factory , outside country
Politician's bank account, outside country (Remember Paname Case)
Politician's favourite Judges and Lawyers (All with the client or migrated to Europe)
Judge's family , all overseas
Lawyer property all overseas
Trango Towers
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I read somewhere yesterday I think.
150 billion in property in UAE alone.
Plus 350 billion in cash globally.
We need to go after all the looted cash.
Anyone who has made money legally paid taxes and can prove it. Inshallah they keep their money
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