Chartered Accountancy firm A.F. Ferguson has revealed in a report that Assets And Property Worth 150 Billion Is Owned By Pakistanis In UAE Alone. $150 Billion
The report was submitted in supreme court on Monday in connection with a case on Pakistani nationals’ properties and bank accounts abroad. Assets And Property Worth 150 Billion Is Owned By Pakistanis In UAE Alone . That is in UAE alone $150 Billion.
The firm, however, cautioned that the data be ‘handled with care’.
“Such a massive amount is still parked abroad despite the amnesty scheme?” Chief Justice Mian Saqib Nisar asked those present.
Assets And Property Worth 150 Billion Is Owned By Pakistanis In UAE Alone
According to the briefing given by State Bank of Pakistan(SBP) Governor Tariq Bajwa to the apex court on measures taken to recover the identified funds. He said that notices have been issues to 125 people. If those identified people confirm owning assets and property outside Pakistan by writing on affidavits, they will be investigated and taxed. Otherwise they can take help of the UAE Government and ask them to take action in accordance with benami properties law.
The SBP governor said that the Federal Investigation Agency, the National Accountability Bureau and other agencies’ assistance had also been sought.
those concealing their assets abroad qualify for money laundering trials, the chief justice remarked expressing his dissatisfaction on the progress of the case.
Shabbar Zaidi, the audit firm’s chief, told the court that wealth is transferred outside Pakistan via two channels: “Havala and banking routes”.
As regards the latter, he said: “Funds are moved abroad by showing it as agricultural income.”
At this, the SBP governor was asked if a ban has been placed on transferring foreign exchange outside Pakistan,by Justice Umar Ata Bandial
According to State Bank of Pakistan(SBP) Governor Tariq Bajwa “Only a sum of $10,000 is permitted to be taken outside of Pakistan,” Further adding that a separate list of 225 Pakistani nationals who have properties in London has also been obtained.