11/14/2018 Rs 700bn illegal assets traced in 10 countries - Daily Times

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Rs 700bn illegal assets traced in 10 countries

* PM's aide says over 5,000 fake accounts used to illegally transfer money abroad
* Govt seeking details of all iqama holders from Dubai administration
* No case iled against anyone so far

News Desk (More Articles by News Desk) 4

NOVEMBER 13, 2018
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ISLAMABAD: Special Assistant to Prime Minister on Accountability

Shahzad Akbar Monday said the Assets Recovery Unit (ARU) has so
far traced out unlawful assets worth $5.3 billion (around 700 billion
Pakistani rupees) in 10 countries, adding that over 5,000 fake
accounts were used to illegally transfer the money abroad.

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11/14/2018 Rs 700bn illegal assets traced in 10 countries - Daily Times

“The igure has been traced out after investigating overseas

properties worth excess of $1 million held by the Pakistani
nationals,” Akbar told a press conference here along with Senator
Faisal Javed and Adviser to Prime Minister on Media Iftikhar
Durrani organised to share the progress made by the Assets
Recovery Unit – a joint team of of icials from the State Bank of
Pakistan, the Federal Board of Revenue and watchdogs formed to
bring back illegal money stashed abroad. “This is just a small
percentage of the total money laundered over the years,” he said,
adding that the assets below the value of $1 million will be checked
in the next phase.

He said out of this $5.3 billion, an amount of $1.3 billion was

directly transferred to other countries through money laundering.
He said the ARU has traced out around 5,000 fake accounts so far in
which some identi ied people were sending huge amount of money.

Akbar said Pakistan is the third largest country which possesses

three per cent real estate in Dubai and London. The properties
worth Rs $15 billion traced in Dubai only are a big tool of money
laundering. He said the misuse of iqama has become a source of
money laundering in the United Arab Emirates (UAE), adding that
the ARU is facing hurdles due to iqama as well as the assets which
are on the names of drivers, gardeners, cooks, etc.

He said there are two types of iqamas: one the workers from
Pakistan possess when they move abroad to earn money and send a
big chunk of that money to Pakistan in form of remittances, and the
other type of Iqama is used by the politicians and big names for the
purpose of money laundering. “We are seeking details of all iqama
holders from Dubai administration. Those who have stashed money
in Dubai and European banks will not be able to hide,” he warned.

To a question about bringing the traced looted amount of Rs 700

billion back to the country, Akbar said the dif icult task was to trace
out the money which is being accomplished successfully. He said
this money will be brought back to Pakistan through ful illing all
legal requirements in respective countries while the process of
freezing accounts has already been started. To another question, he
said so far the government has not iled even a single case against
anyone in this regard.

To another question about progress on traced illegal assets worth

Rs 700 billion, Akbar said, “We have served the notices and
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11/14/2018 Rs 700bn illegal assets traced in 10 countries - Daily Times

investigation is in process with involvement of all the relevant

departments of Federal Investigation Department (FIA), National
Accountability Bureau (NAB), Federal Board of Revenue (FBR) and
State Bank of Pakistan (SBP).” Responding to a question, he
explained that these illegal assets belong to 10 jurisdictions and
that Switzerland is not included in those.

All the countries are showing great cooperation and willingness in

sharing the required assets details which re lect their trust on the
honest leadership in Pakistan, Akbar said. “Money laundering has
left a devastating impact on our national economy. Unfortunately,
the size of our whole economy is equal to the black economy which
exists parallel and if the plundered money is added to our economy,
it will regain strength,” he added.

Speaking on the occasion, Senator Faisal Javed said crackdown

against those having illegal assets will be a great game-changer for
the country which will also help restore masses’ con idence in the
government. He said no government in the history of country was
honest enough to grab the corrupt involved in money laundering.

Speaking on the occasion, Iftikhar Durrani reiterated the

government’s stance of continuing the accountability process
across the board despite all hue and cries.

Published in Daily Times, November 13th 2018.

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Syed Mustafa Meerza

Talk / Talk but nothing concrete comes out. First accomplish the job
entrusted to you and the make hue and cry. This is all propaganda.
Like · Reply · 2h

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