Business

FPCCI demands repatriation of wealth stashed abroad

Blames inconsistent policies, political uncertainty for offshore wealth transfers

Ppi August 01, 2017

PHOTO: REUTERS

ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) demanded on Monday steps to bring back billions of dollars stashed by wealthy Pakistanis in Swiss banks.

“All the political parties should strive to bring money stashed abroad back to Pakistan since even as less than half of that money can help clear the entire foreign debt of $80 billion,” a statement released by FPCCI stated, adding that this issue is more important than CPEC or nuclear tests.

Recovery of Pakistani cash stashed in Swiss banks unlikely

Noting former finance minister Ishaq Dar’s revelation in 2014 of $200 billion stashed abroad in different assets and companies, FPCCI Regional Committee on Industries Chairman Atif Ikram Sheikh said the figure would increase by another hundred billion dollars if wealth stored in foreign bank accounts, offshore companies and real estate markets of Dubai and Malaysia was taken into account.

Conceding that not all wealth stored abroad is illegal or derived through illegal means, Sheikh said that businesspersons are also compelled to transfer funds abroad to safeguard their legitimate earnings against risks arising due to inconsistent policies and political uncertainty.

Pakistani cash in Swiss banks pulled out?

“Several manufacturing and service-sector businesses have also shifted abroad due to fears of instability,” he claimed. “Those who have transferred their funds abroad are getting negligible profits; if they are contacted and shown the possibility of better returns [by developing a conducive environment for businesses], they may bring their money back and invest in industry.”

Published in The Express Tribune, August 1^st, 2017.

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COMMENTS (2)

Proud Pakistani | 6 years ago | Reply This demand of bringing Offshore wealth must be supported by all Pakistanis. ICIJ has revealed the names of more than 400 persons in Panama Leaks and later 150 names through Bahamas Leaks. This is so unfortunate that some conspirators have deliberately kept it towards one family, ie just 2 names out of 550 names which not even include Pervaiz Musharraf, Asif zardari, Moonis Elahi etc who have stashed huge wealth abroad and only a fair trial can reveal their hidden wealth which needs to be brought back to Pakistan.

Amir Saeen | 6 years ago | Reply I don't advocate stashing money abroad but does the highly competent and moral FPCCI not understand that our debt is the result of highly infeasible, corruption ridden projects. people stash such wealth away probably because they would not see if being sunk into metrobus and roads where the local rulers make money through corruption.

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