SC seeks report about citizens’ foreign assets

TheSupreme Court of Pakistan yesterday sought a comprehensive reportidentifying citizens who hold properties and banks accounts in foreigncountries and action taken against them by the government.“Ithas been common knowledge for years that a large number of Pakistanicitizens, who are residents of Pakistan and are maintaining accounts inforeign countries without disclosing the same to the authoritiescompetent under the laws of Pakistan or paying taxes on the same inaccordance with law,” observed Chief Justice Mian Saqib Nisar whiledictating an order in the open court.Prima facie, the courtobserved, it appeared that such money was siphoned off without thepayment of taxes through illegal channels and represented eitherill-gotten gains or kickbacks from public contracts.Such moneycreates gross disproportion, inequality and disparity in society, whichwarps economic activity and growth, and constitutes plunder and theft ofnational wealth, the chief justice regretted.The court ordered theState Bank of Pakistan (SBP) to furnish on February 15 a comprehensivereport regarding steps taken under the internationalagreements/treaties/protocols to identify the citizens who hold accountsin foreign jurisdictions, including the UAE, Switzerland, Luxemburg,Spain and the UK, and other tax haven jurisdictions, including BritishVirgin Islands, Cayman Islands and Channel Islands.The SBP, theFederal Board of Revenue (FBR), the Securities and Exchange Commissionof Pakistan (SECP) and the finance ministry are also required to submitreport on the steps taken, in collaboration with other stateinstitutions, for retrieval of the said money.According to theorder, the FBR will submit a report providing details of the steps takenon the basis of information available, inter alia, through PanamaPapers and Paradise Papers and the action taken against citizens holdingforeign assets.All state agencies, including Intelligence Bureau,Inter-Services Intelligence, Military Intelligence and FIA, are directedto share all requisite information available with them with the apexcourt, whereas the SBP, ministry of finance and foreign office will alsocollaborate with each other, collect and share information and approachthe foreign jurisdictions to obtain information, as may be necessary,through legal and diplomatic channels.The order recalled thatrecently the names of a large number of Pakistani citizens weredisclosed in Panama Papers and Paradise Papers.The FBR chairman hadalso appeared before the court and made a statement that appropriateaction was being initiated against the citizens whose names had appearedin the Panama Papers.Therefore, in exercise of powers underArticle 184(3) of the constitution, the court took suo motu notice andsummoned the people concerned to appear on February 15 to assist thecourt.