TIP for seizure of assets named in Panama, Pandora papers

Amraiz Khan

Transparency International Pakistan (TIP) has requested the Prime Minister to order FBR to initiate proceedings against all Pakistani citizens named in Panama Papers and Pandora Papers.

In a letter addressed to the Prime Minister of Pakistan TIP authorities claimed, “All foreign assets of Pakistani citizens named in the Panama Papers and Pandora Papers shall be frozen by FBR, and those assets which will not be justified within 3 months shall be confiscated, and proceedings shall be initiated to recover these assets under Articles 51, 52/53/54/55/56/57/58, Chapter V (Asset Recovery) of Stolen Asset Recovery Initiative(Annex-B), included in UN Convention Against Corruption (UNCAC) ratified by Government of Pakistan in August 2007”.

Transparency International Pakistan has noted that over 700 citizens of Pakistan are named in Pandora Papers in 2021 in addition to 450 persons/citizens earlier named in Panama papers in 2016.

The letter further stated that when Panama papers were released in May 2016, cases were filed in the Supreme Court of Pakistan, the SECP, SBP, FIA, and FBR also took up the matter to investigate citizens named therein.

However, the Supreme Court of Pakistan took action only against few Pakistani citizens, while no action was taken against a majority of the citizens named therein. Similarly, SECP, SBP, FIA, and FBR failed to initiate any tangible action against them.

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