The authorities who have been investigating illegal accounts & properties set up abroad revealed that $350 billion or Rs 43 trillion assets have been hidden abroad by Pakistani nationals.
Furthermore, it was also revealed by the authorities that under the amnesty scheme 2018, properties and accounts worth Rs1,003 billion were disclosed by 5300 individuals or companies.
The confidential details revealed to the Supreme Court read, “By the close of Amnesty Scheme 2018 on July 31st, 2018, declarations from 5,363 entities had disclosed foreign assets worth Rs1,003 billion (US$8.1 billion), with a major share of declared assets located in the UAE.”
Adding, “The properties, account holders in other tax-haven countries benefited only marginally from this scheme. The total volume of Dubai properties is over Rs4, 240 billion with annual investment and growth of Rs220 billion where Pakistani property agents, investors are counting them as over 5,000 individuals, entities.”
Furthermore, it also came to light that Pakistan is listed as the third top money laundering country by the British Government. The top two are Nigeria and Russia. The United Kingdom and the United States of America are the top tax havens with billions of laundered money stashed in those countries. Also approx. US$200 billion was hidden by Pakistanis in Switzerland. Similarly, millions of dollars of illegal money and property were hidden in Hong Kong, British Virgin Island, Bahamas Channel Island Seychelles and other renowned tax havens.
It is pertinent to mention here that FBR has started an investigation against the Pakistanis who own properties in the United Kingdom. Federal Board of Revenue (FBR) has also decided to issues show cause notices to 1,500 Pakistanis who had properties in the United Kingdom and Dubai.