Foreign Accounts Case: CJP calls for mechanism to curb white-collar crime

ISLAMABAD: “People plundered money and stashed it abroad; a mechanism is needed to stop such while-collar crime,” Chief Justice Pakistan (CJP) Saqib Nisar stressed on Wednesday while hearing the case of foreign accounts owned by Pakistanis.

The two-judge bench headed by Chief Justice was hearing a suo motu case pertaining to foreign bank accounts and assets of Pakistani citizens.

As the hearing went underway, Director General (DG) Federal Investigation Agency (FIA) Bashir Memon informed the court that 4,221 Pakistanis have foreign bank accounts and assets in the United Arab Emirates (UAE).

“The people took their money abroad under 1992 Act. Some transferred the money abroad through lawful means but others looted tax money and took it abroad,” DG added.

The chief justice noted that billions have been kept by Pakistani citizens in Switzerland and Dubai. “Those who have declared their foreign accounts should be categorized separately,” CJP observed.

The additional attorney general (AAG) in his arguments highlighted the need that all the wealth hoarded abroad to be brought back to the country. To which, Justice Nisar emphasized to have a mechanism to end the white-collar crime related to money.

AAG revealed that people moved cash to Dubai through ‘hundi’, from where the money was legally transferred to Britain and America.

He pleaded to the court for some time bench as the government has yet to submit a report over the matter.

The bench adjourned the hearing for an unspecified date.