Pakistanis own assets worth $150bn in UAE, SC told, estimated foreign accounts over $350bn

[Norwegian]

Pakistanis hold $350 billion illegal assets across the World, reveals new startling report
8 Aug, 2018

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ISLAMABAD - Illegal assets of Pakistanis hidden in different tax havens across the world have reached up to US$350 billion (Rs43 trillion), a startling revelation has been made by the authorities.

The authorities also revealed for the first time that only accounts and properties worth Rs1,003 billion (US$8.1 billion) have been declared by over 5, 300 entities or individuals, under the Tax Amnesty Scheme 2018 over the past three months.

READ MORE: While Pakistan fails, India gets the illegal foreign accounts data of citizens in Swiss Banks
“By the close of Amnesty Scheme 2018, on 31st July 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 UAE. Properties/accounts holders in other tax-haven countries benefited only marginally from this scheme,” revealed the confidential details submitted with the Supreme Court.

The declared amount of US$8.1 billion is around 2.3% of overall illegal accounts worth US$350 billions by thousands of Pakistanis who allegedly violated national laws while establishing their assets abroad.

READ MORE: CPEC: Equal opportunities provided to local and foreign companies for investment
“Total volume of Dubai properties is over Rs4,240 billion with annual investment and growth of Rs220 billion where Pakistani property agents/investors were counting them as more than 5,000 individuals/entities,” suggested the details Geo News exclusively collected from the Federal Investigation Agency, State Bank of Pakistan, Federal Board of Revenue, Securities and Exchange Commission of Pakistan, Finance Division & other financial institutions.

The shocking details also revealed that British government has listed Pakistan among top 3 money laundering source countries, after Nigeria and Russia. Institutions have also cited reference of British National Crime Agency's 2018 report.

READ MORE: FBR issuing notices to persons holding undisclosed assets
About top tax haven, the concerned institutions have also claimed that Pakistani citizens have stashed US$100 billion in United Kingdom and United States of America, with additional amount of millions of dollars parked in real estate sectors. They have quoted findings of Mr. Shabbar Zaidi of AF Ferguson, Pakistan in this report. An estimated over US$200 billion were stashed by Pakistanis in Switzerland, the report revealed, quoting statement of Micheline Calmy-Rey/Swiss Foreign Minister in 2014.

The shocking details continued to reveal that millions of dollars have also been stashed by hundreds of Pakistanis in Hong Kong, British Virgin Islands, Bahamas Channel Island Seychelles and other tax havens for corporate vehicles involved in money laundering

 

[Hakikat ve Hikmet]

Even if 5% can be brought back, no need for IMF! If 10%, dam building is solved!! If 20%, external debts can be slashed by half!!! If 40% no loans at all!!! If 50%, poverty by WB standard can be eliminated!!!! If 70%, almost all defense gadgets related wishes in PDF can get granted....

Pak has a Hazine from heavens....

 

[Hamza913]

If we can get it back...

 

[xyxmt]

Those who can get it back will take a cut and claim its now recoverable.
Yeh talab hi ghaleez hay, bhool jao in peson ko, think of it as a lottery you can never win

 

[SQ8]

The only way this gets done is finding the major players, bringing out their families in the public and start executing them from the bottom down until they authorize power of attorney for transfers.
Otherwise forget about the money.

 

[Unite & Defend]

WOW, those bastards stole so much.

 

[Skull and Bones]

The only way this gets done is finding the major players, bringing out their families in the public and start executing them from the bottom down until they authorize power of attorney for transfers.
Otherwise forget about the money.

Does Pakistan has the political will to do that? India has more than 1.5 trillion dollars stashed abroad, but little can be done to retrieve them. The amount of legal battle, and the time taken by the due process to identify and cease the account will take more than a tenure of any political party.

There is a saying, 'hamam me saare nange.'

 

[ARMalik]

Fellows there are plenty of ways to get this money/assets back. Let me give you an example first which will clarify what I am proposing, so bear with me and read on.

In Australia there is a profession called "Debt Collectors". Now these are not your street mafia people but highly organised professional corporations who have deep links and top lawyers on their books. They will collect unpaid debt or related assets or chase up people for payment. They get paid by getting a portion of money they collect. This is by agreement.

Now there is NO REASON why the Pakistan government doesn't gets one of the big boys on its books, and let them loose on these corrupt arse holes. This strategy will bring back Billions of dollars to Pakistan.

 

[SQ8]

Does Pakistan has the political will to do that? India has more than 1.5 trillion dollars stashed abroad, but little can be done to retrieve them. The amount of legal battle, and the time taken by the due process to identify and cease the account will take more than a tenure of any political party.

There is a saying, 'hamam me saare nange.'

I agree and its not just about political will, its about social will. Its all fine and dandy to talk about these changes until it actually hits your own bank account. As far as I am concerned, Pakistani society is corrupt by nature, until that natural instinct to go with corruption changes; there will be no bringing back of wealth.

 

[Hakikat ve Hikmet]

I agree and its not just about political will, its about social will. Its all fine and dandy to talk about these changes until it actually hits your own bank account. As far as I am concerned, Pakistani society is corrupt by nature, until that natural instinct to go with corruption changes; there will be no bringing back of wealth.

Unfortunately, Beni Adem was created with the following characteristics:

• He is always in haste
• Whenever evil touches him he becomes impatient
• Whenever good touches him he becomes stingy
• He can forget about a million years of punishment in the distant future for the sake of 1 day of enjoyment which is nearby
• He has an exaggerated view about the money in others pockets, and about his own life span

 

[Skull and Bones]

I agree and its not just about political will, its about social will. Its all fine and dandy to talk about these changes until it actually hits your own bank account. As far as I am concerned, Pakistani society is corrupt by nature, until that natural instinct to go with corruption changes; there will be no bringing back of wealth.

And citizenship of some eastern European countries are really cheap, if the elite class feels the snooze on their throat, they can easily leave the country and settle elsewhere and can show middle finger to Pakistani authority.

The best way forward will be to improve the economy on existing resources, so a chunk of it will be invested back as FDI or through FIIs.

 

[Hakikat ve Hikmet]

Now, the question arises - what's the real size of Pak's economy? It may not be an ancient heresy that it's at least 2x of what's officially reported!!! Now, looking at India's 1.5t and Pak's 350b, and considering Pak's tendency toward extravaganza and India's stinginess (no offense), 600b+ of GDP isn't an exaggeration...

 

[monitor]

350 billion is huge amount if small percentage of this amount are return Pakistan's different economic problems can solve . it's ironic that this so called tax heaven only exist to help the third world corrupt politicians govt official business man loot public money . we can make uproar about corruption money laundering but unless this heavens are close or bring under scrutiny its difficult to stop money plundering .

As stopping illegal activities difficult giving option to return back the wealth and investining in home country without disclosing source of fund can be a option .

 

[scionofPakwattan]

Even if 5% can be brought back, no need for IMF! If 10%, dam building is solved!! If 20%, external debts can be slashed by half!!! If 40% no loans at all!!! If 50%, poverty by WB standard can be eliminated!!!! If 70%, almost all defense gadgets related wishes in PDF can get granted....

Pak has a Hazine from heavens....

IF this money is brought back, govt can only collect tax on it, i believe, unless ALL the funds were embezzled, which is unlikely. Alot of Pakistanis prolly moved money during turbulent times in the past

 

[SecularNationalist]

If we have that $350 billion we can afford to have almost two squadrons of F-35s.