Pakistan

Rehman Malik against exposing offshore assets

Senator believes overseas Pakistanis will face a hard time

Qadeer Tanoli May 10, 2016

PHOTO: FILE

ISLAMABAD: Former interior minister Rehman Malik has called for drafting laws on offshore businesses as public disclosure of such assets can lead to serious problems for overseas Pakistanis.

The senator presented his proposed legal review of declaration of overseas wealth by Pakistani nationals and mode of investigations before the Standing Committee on Interior and Narcotics Control on Monday.

Panama Papers: Finding beneficiaries of offshore companies won’t be easy

Relevant laws need to be revisited and redrafted to meet the new challenges as witnessed in the Panama leaks scandal, where no legal or investigative institution has taken up the matter, he said, adding Pakistanis abroad will face a hard time if their properties are exposed by the media, which is also unfair.

Malik, who heads the Senate committee, maintained in his proposals that it was in greater public interest to examine the relevant laws and to propose necessary amendments to make them more comprehensive and result-oriented.

The senator’s name is among the over 200 Pakistanis exposed by Panama Papers for owning offshore holdings. However, he claims the real question is whether or not Pakistani laws have been violated and what should be the legal course against such people.

Malik also attached a list of questions and answers with the proposed legal review of declaration of overseas wealth, which, according to him, depicts the real picture of the grey areas.

Panama Papers: Opposition calls for forensic audit of offshore assets

The Q&As state that absence from the country for six months makes a Pakistani not liable to declare his income or tax return. If Pakistanis are not allowed to invest abroad, then under what moral authority can Pakistan ask other nationals to invest in Pakistan?

NACTA

Earlier, the panel discussed the National Counter Terrorism Authority (Nacta) (Amendment) Bill.

The committee was told that no board meetings of governors have been held. Malik called for immediate convening of the meeting of Nacta, which is headed by the prime minister.

Nacta yet to be made fully functional

Senator Shahi Syed believed Nacta was an important organisation but no special incentives were offered to its employees.

Responding to queries, Nacta Coordinator Ahsan Ghani said Nacta’s Research and Analysis Wing had been established and work was under way to set up a Joint Investigation Directorate.

Published in The Express Tribune, May 10^th, 2016.

COMMENTS (17)

syed & syed | 8 years ago | Reply A petty police officer turned into billionaire. From where he got this money. He have guts to say that many Pakistanis will be discouraged to invest in Pakistan. Mr. Rahman go through the list and tell how R Judge Qayum became a business man having offshore company. If they hold any office in Pakistan and have offshore companies must pay tax and declare assets. I am not talking about Haswanis and persons like him they are reputable international traders. Those sitting in parliament and there name is in the list they should resign and if cleared may join again.

Altaf Hussain, Mumbai | 8 years ago | Reply This must be a joke. How does exposing names of foreign company holders endanger Pakistanis living overseas as long as that wealth is not ill-gotten?

VIEW MORE COMMENTS

Jibran | 8 years ago | Reply He's on the same page as Nawaz Sharif.

saqib butt | 8 years ago | Reply Take power, Spread corruption, Make laws to protect corruption.

AMEER | 8 years ago | Reply Let the Army deal with these crooks, I wish they all have been presented to some special judiciary run by Army.

ishrat salim | 8 years ago | Reply Baba Rehman is afraid of his own disclosures & of his boss only....

Rex Minor | 8 years ago | Reply @kilo: You sir forgot to mention the commission payments or rreceivels from suppliers who sell their goods or strategies to Governments. The chinese President keeps a very large account as well for such purpose. Rex Minor

Haji Atiya | 8 years ago | Reply Possibly the worry does not stem from the dubious, politically doctored laws in Pakistan but rather from UK or US laws since I would wager that quite a few of those 200 + Pakistanis are actually dual citizens and would have to face the consequences of their possibly ill-gotten wealth.

kilo | 8 years ago | Reply Mr. Rahman, you need not worry about overseas Pakistanis. They are hard working people and earn honest living. Disclosure will lead to serious problems only for compulsive frauds, tax evaders, narcotic dealers, gun runners and those who accumulated wealth through target killings, kidnapping for ransom and hundied it for safe keeping offshores. Such people must be exposed and they should not be allowed to denigrate, or hide behind, overseas Pakistanis

Parvez | 8 years ago | Reply From a small time police officer to a Dollar millionaire......of course he's worried about off shore accounts being exposed.

Rex Minor | 8 years ago | Reply Pakistanis abroad will face a hard time if their properties are exposed by the media, which is also unfair. This man has no business in the Senate, offering support to the Ali Baba and thousands thieves who hide their wealth in the underwond island of paradise Panama which allows non residents to open paper companies to hide their wealth. Sanctions are being considered for the tropical American colony in case they continue with this business. Rex Minor

salman | 8 years ago | Reply 99.99% of Pakistanis abroad with properties have not used offshore companies. I don't think they are too worried... The only ones worried are those named in Panama leaks...

mkk | 8 years ago | Reply Expats do not have any issue with these leaks, they are very happy that frauds are being opened. Most expats are earning there whole life outside to have a good home built back in Pak. These are only handful of goons who are opening offshore companies with looted money. They should have been caught much earlier but out corrupt system keeps protecting them.

just saying | 8 years ago | Reply I hope all realise that Mr. Malik is laughing at us.

Brainy Bhaijan | 8 years ago | Reply Since everyone is involved in offshore companies, nothing concrete would be done about it. Nawaz is out once again.

Last Man Alive | 8 years ago | Reply It's only natural. Every thief is against his theft exposed.

Saleem | 8 years ago | Reply Now these crooks want to shield their illegally gotten wealth through laws. What a shame. Is there any law in the land to put all these crooks behind bar and return looted wealth to Pakistan.

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