ISLAMABAD: “People plundered money and stashed it abroad; a mechanism is needed to stop such while-collar crime,” Chief Justice Pakistan (CJP) Saqib Nisar stressed on Wednesday while hearing the case of foreign accounts owned by Pakistanis.
The two-judge bench headed by Chief Justice was hearing a suo motu case pertaining to foreign bank accounts and assets of Pakistani citizens.
As the hearing went underway, Director General (DG) Federal Investigation Agency (FIA) Bashir Memon informed the court that 4,221 Pakistanis have foreign bank accounts and assets in the United Arab Emirates (UAE).
“The people took their money abroad under 1992 Act. Some transferred the money abroad through lawful means but others looted tax money and took it abroad,” DG added.
The chief justice noted that billions have been kept by Pakistani citizens in Switzerland and Dubai. “Those who have declared their foreign accounts should be categorized separately,” CJP observed.
AGG urged that all the wealth hoarded abroad needs to be brought back to the country. To which, Justice Nisar emphasized to have a mechanism that can end white-collar crime related to money.
The additional attorney general (AGG) revealed that people moved their capital to Dubai through ‘hundi’, from where the money was legally transferred to Britain and America.
AGG pleaded some time from the bench as federal government is yet to submit a report on the matter.
The hearing was adjourned till an unknown period of time.
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