It is an established fact that international terrorism and black money trail is interlinked and organised financial corruption at the top is an obstacle to evade accountability. As long as crime and terrorism are profitable ventures, military force alone cannot eliminate this curse which today is the biggest threat to national security of Pakistan. Without prevalent corruption patronised by all those who have held power in the past, neither criminals nor terrorists, nor ammunition could have been so easily moved into Pakistan through our borders, airports and seashore and neither could profits reaped by criminal economy easily transferred to their foreign based dons. As long as rampant financial corruption is tolerated, military action alone can only injure this poisonous serpent, not kill it.
Other than the conflict of interest, nothing prevents our civil bureaucracy, establishment and political elite to officially take up with European and Swiss banks the request to gain access to high net bank account holders of Pakistan origin who have not paid taxes on money stored in these banks. According to Hindustan Times neighbouring India is aggressively pursuing Swiss and European banks who have asked their Indian clients to disclose their accounts to Indian tax authorities, which has given them a three-month compliance window to disclose all undeclared foreign assets or else face legal action. These foreign banks based in London and Switzerland are asking their Indian clients to give fresh undertakings that they are in compliance with all laws of their home countries.
Swiss banks, perceived to be safe havens for unaccounted funds, have started asking for auditor certificates from high net worth individuals and corporate clients to vouch for clean status of their money. Switzerland is moving to automatically exchange tax information with India and other sovereign states, following pressure mounted by new black money laws.
ALI MALIK TARIQ
Lahore
