Pakistanis transferred $15 billion abroad in FY 2016-17, says report
A staggering amount of $15.253 billion was transferred abroad by Pakistani citizens through normal banking channels during the financial year 2016-17, says a media report. According to a report by The Express Tribune, the amount was revealed in an eight-page written order in a suo motu case pertaining to retrieving the alleged ill-gotten money from foreign accounts. Here's more.
SC had earlier constituted a committee to look into undeclared-assets
A three-judge bench, headed by Chief Justice of Pakistan Mian Saqib Nisar, in its March 26 order, constituted a committee of 12 experts led by Governor of State Bank of Pakistan Tariq Bajwa, to have an insight into the process of accumulation of undeclared foreign assets by Pakistani citizens. A final report of the committee was submitted on April 13 to the court.
Some undocumented Hawala transfers took place during the same period
The committee also suggested that during the same period a substantial amount of transfers took place from Pakistan under unauthorized and undocumented Hundi and Hawala mechanisms. Separately, the committee in its report noted the experience of incentive schemes to encourage voluntary disclosure of foreign assets. These schemes were initiated in the recent past in Italy, India, and Indonesia.
