Pakistan, UK reach agreement to tackle money laundering

ISLAMABAD: Pakistan and the United Kingdom (UK) on Monday reached an agreement to work towards curbing money-laundering and repatriating assets stashed away by Pakistanis in the UK. 

The announcement with regard to the accord titled ‘Justice and Accountability’ was made during a joint press conference addressed by British Home Secretary Sajid Javid and Minister for Law and Justice Farogh Naseem here in Islamabad.

As per the accord, the two countries will make efforts afresh to tackle money-laundering and help Islamabad bring the assets stashed away by Pakistanis in the UK back.

British home secretary said the eradication of corruption is the top priority of both the countries. Both the countries have agreed to work towards repatriation of assets as well as accused persons and that the work in this regard will begin after an approval from the respective cabinets.

He said money laundering is resulting in low recovery of taxes and has played havoc on Pakistan’s economy.

“I have come to open a new chapter in ties with Pakistan,” he said and added Pakistan is the UK’s closest and durable friend.

UK is also Pakistan’s biggest export market in Europe, he said.

The British home secretary maintained his country wanted to work with Islamabad to eradicate terrorism, acknowledging that Pakistan has suffered most from extremism.

He said the British and Pakistani governments will also work towards exchanging prisoners in future.  He said he held a meeting with Prime Minister Imran Khan in Islamabad during which they discussed measures to curb money-laundering.

Mr Javid said he felicitated  the new prime minister on taking the office.