Pakistan Today

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

The Supreme Court (SC) is currently hearing multiple cases related to money laundering and foreign assets owned by Pakistanis and in a relevant inquiry, the committee, headed by the State Bank of Pakistan (SBP) governor, submitted the Terms of Reference.

For the purpose, a joint task force will be formed which will comprise officials from:

  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, in its report, said that FIA has significant details about the properties Pakistanis own in Dubai and it aims to bring those assets back to the country.

The committee will also review details available with FBR about properties held in the UK and will summon individuals owning the properties in these regions.

The report stated that those who admit to owning the properties would be asked to produce money trail while an inquiry would be sought against those who refuse to admit the same.

Foreign assets can be frozen if money trail is not furnished, the report further stated.

The committee will present its report every month in the apex court.

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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