CJP takes suo motu notice of laundered money in Swiss accounts

Gives two weeks to FBR, State Bank and SECP to submit a comprehensive report

Hasnaat Malik February 01, 2018

ISLAMABAD: Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Thursday took suo motu notice over alleged laundered money of Pakistanis in Swiss accounts.

The three-judge bench headed by the CJP issued notices to the Federal Board of Revenue (FBR), State Bank and Securities and Exchange Commission of Pakistan to submit a comprehensive report within two weeks regarding the money which is lying in Swiss accounts.

$200b stashed in Swiss banks ‘off limits to Pakistan’

Earlier this month tax authorities said that the revised treaty on the Avoidance of Double Taxation did not cover past transactions, and thus it seemed the secret of the $200 billion stashed in Switzerland by Pakistanis will remain a secret.

“The scope of the revised treaty is limited to the transactions that would be carried out from January 2018,” said Dr Mohammad Iqbal, Member Inland Revenue Policy of the FBR.

He was apprising the Senate Standing Committee on Finance about the status of retrieving money that Pakistanis have stashed in Switzerland.

“The exchange of information would begin from January, but strictly speaking the information can be sought on [the] request only about the prospective transactions,” said Iqbal.

“Retrieving money of Pakistani nationals deposited in Swiss banks does not fall in the domain of the FBR nor is mandated by any agreement made for the avoidance of double taxation,” according to the FBR.

SC allows petitions on voting rights for overseas Pakistanis

In August 2014, Pakistan initialed the revised treaty with Switzerland, which would have allowed it to get information in early 2015. Surprisingly, in September 2014, the federal government decided to renegotiate the treaty despite initialling the agreement. In May 2017, the federal cabinet finally ratified the revised bilateral treaty but it did not cover old transactions.

Iqbal defended the decision. He said that the negotiating team had given some favours to Switzerland which, according to him, was not in the national interest.


Jawed Ahmed | 6 years ago | Reply I am a Pakistani and I left Pakistan 22 years ago and have lived and worked in Germany and Dubai, I have a small bank account it has my life savings, retirement, kids college fund, money for my daughters marriage - Why should that money be transferred back to Pakistan? What claim do you have over it? Not all money in overseas accounts or Swiss accounts is courpt - give them the names of all politicians, judges, bureaucrats and generals and get there accounts back.
MUHAMMAD ISMAIL SHAKIR | 6 years ago | Reply thanks cjp for this action we are waiting for a hero like you who take suo moto actoin on nation s money may ALLAH give u success in this mission we will always pray for u may ALLAH give u live long
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