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  • Feb 2nd, 2018
  • Comments Off on Foreign assets: SC takes suo motu notice
The Supreme Court Thursday took a suo motu notice of funds deposited in foreign bank accounts and foreign assets held by Pakistani citizens. Chief Justice Mian Saqib Nisar remarked that many Pakistanis in power corridors hold accounts in foreign banks and have been looting the country's money and transferring it abroad through illegal channels. The CJP observed that the money looted and deposited in overseas bank accounts is a national asset and has to be brought back to Pakistan.

The Supreme Court directed the Federal Board of Revenue (FBR), State Bank of Pakistan (SBP) and the Securities and Exchange Commission (SECP) to submit details of all such wealth stashed abroad by Pakistanis. The SBP, Intelligence Bureau, Inter-Services Intelligence, Military Intelligence and Federal Investigation Agency should share their information with the court, the Chief Justice ordered. The CJP directed Ministry of Foreign Affairs and SBP to share details of memoranda of understanding and agreements inked with various countries for the return of looted money.

He also directed the FBR chairman to inform the court about the number of Pakistanis, holding accounts in Swiss banks and banks in other countries.

Copyright Business Recorder, 2018


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