It has been made a compulsion by the Senate panel that the dual-national Pakistanis reveal their financial overseas assets. They have made a change in the Companies Bill which makes disclosure of offshore beneficial ownerships mandatory. This amendment is also backed up by The Securities and Exchange Commission of Pakistan. This makes it clear that the government would support this point when the ultimate voting is held in the National Assembly.
Though this bill has been unanimously approved, but formalities might take time as the bill would go back to the lower house of parliament for final approval.
The situation after this Bill is passed would be that every significant shareholder who has shareholding overseas would have to bring it to light and report to the company their shareholding.
Hasan and Hussain Nawaz who are the sons of Nawaz Shareef are non-resident Pakistanis. Under this new amendment, they would have to show their financial assets in foreign lands. They would be questioned by civil and military authorities regarding this.
It is a step that was essential so that those hiding their assets abroad and getting away with it, are paid for their concealment.
Image via: Tribune