State Bank of Pakistan to investigate Pakistanis named in Paradise Papers – Research Snipers

State Bank of Pakistan to investigate Pakistanis named in Paradise Papers

Federal Board of Revenue (FBR) started issuing people notices that are named in Paradise papers after that State Bank of Pakistan (SBP) is not expanding its wings and started sending notices to Pakistanis mentioned in Paradise papers.

Governor SBP Tariq Bajwa said on Tuesday that they are currently reviewing the names of Pakistani nationals in the leaks papers; they would also probe into the matter where the investment for offshore companies came from. The SBP will see whether they have paid tax on the money or not, said the governor SBP.

Bajwa said SBP will send a questionnaire to the people mentioned in the leaks in order to analyze if there is any money laundering aspect is involved in the case. The questionnaire would ask the questions about the source of income and the mode of money transfers. If they failed to satisfy the central bank, SBP would take serious action against all those, he added.

Government rejects Iqbal day holiday in Pakistan

The International Consortium of Investigative Journalists (ICIJ) on Sunday released a database consisting of 13.4 million documents unveiling more than 25,000 companies owned by rich and influential people globally. Pakistani nationals that appeared in the papers include former prime minister Shaukat Aziz, former National Insurance Corporation Limited Chairman Ayaz Khan Niazi and some others.

FBR on the other hand as already announced to crack down on the individuals that are listed in the leaks. FBR official told the Nation that they are investigating Pakistanis that are mentioned in Paradise Papers and will issue notices to them, FBR would seek the details of offshore companies and tax matters.

FBR said they will start issuing notices to individuals in the next few days under section 216 of the Income Tax Ordinance 2001.

Previously, FBR took more than 5 months in sending notices to 600 Pakistanis that were named in Panama leaks for owning offshore companies. The FBR faced severe criticism from political figures for not disseminating notices in a timely manner.