$15.25bn transferred from Pakistan

While Pakistan faces financial crunch, a few powerful corrupt members of elected and paid civil cum uniformed elite and land mafia continues to bleed billions of dollars through loopholes intentionally created to facilitate them in connivance with financial regulatory agencies. Report submitted to SC by Committee headed by Governor State Bank reveal $15.25 Billion have been transferred from Pakistan by account holders through normal banking channels in financial year 2016-17. This does not include money transferred through unauthorized Hundi and Hawala system, which included may exceed 40 billion.
If ECP had screened out 200 dual national nationality holders and another 400 loan defaulters from amongst those who submitted nomination forms for next election, this country could hope to finally embark on path to recovery and reform. What purpose does State Bank, National Bank, FBR, FIA and other so-called watch-dogs serve, if they are to remain silent while these financial termites damage this country from within, driving Pakistan to bankruptcy? Everybody in this country is aware of properties owned in Dubai, UK, Canada etc by some Pakistanis who in spite of holding foreign passports and permanent residential status etc still manage to hold important paid and elected public offices.
While majority of loyal expatriate Pakistan origin community who earn abroad remit part of their savings back home, few whose families live abroad, have acquired foreign passports, continue to work here because it is haven for black economy and tax evaders and are involved in reverse flow. We will continue to take debts to pay back our loans, but not levy taxes on incomes and profits generated, curb black economy because those who hold important public office are beneficiaries of financial terrorism. This viscous cycle may finally force us to concede sole defence deterrence.
MALIK TARIQ ALI
Lahore

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