Pakistanis transferred USD 15 bn abroad during FY 2016-17, says report

Islamabad: A staggering amount of USD 15.253 billion was transferred abroad by Pakistani citizens through normal banking channels during the financial year 2016-17, according to a media report.

The amount was revealed in an eight-page written order in a suo motu case pertaining to retrieving the alleged ill-gotten money from foreign accounts, according to a report by The Express Tribune.

A three judge bench, headed by Chief Justice of Pakistan Mian Saqib Nisar, in its order on March 26 constituted a committee of 12 experts led by Governor of State Bank of Pakistan Tariq Bajwa to have an insight into the process of accumulation of undeclared foreign assets by Pakistani citizens.

They were tasked with deliberating and recommending legislative and executive measures for tracing and retrieving such assets held abroad. A final report of the committee was submitted on April 13 to the court.

According to the order, the report highlighted that during the financial year 2016-17 USD 15.253 billion were transferred abroad by Pakistani citizens through normal banking channels.

The committee also suggested that during the same period a substantial amount of transfers took place from Pakistan under unauthorised and undocumented Hundi and Hawala mechanisms.

Separately, the committee in its report noted the experience of incentive schemes to encourage voluntary disclosure of foreign assets. These schemes were initiated in the recent past in Italy, India and Indonesia.