SECP to investigate assets of Pakistanis named in 'Paradise Papers'

ISLAMABAD: The Security & Exchange Commission of Pakistan (SECP) has decided to investigate assets of those Pakistani citizens, whose names have been appeared in recent Paradise Papers leaks.

As many as 135 Pakistanis have been named in the second largest global leak for stashing wealth abroad through their investments in offshore tax havens.

According to SECP Acting Chairman Zafar Abdullah, the investigation has been started under its rules and regulations.

In light of Form 29 of the SECP regulations, the Director of any company is liable to inform the organisation in case of any foreign investments.

The SECP is likely dig out evidences regarding use of black money, besides finding out the involvement of any firm legalising the black money, sources said.

Earlier, the Federal Board of Revenue (FBR) formally started investigations against 19 out of 135 citizens of Pakistan mentioned in Paradise Papers, dispatching letters to various state institutions including the State Bank of Pakistan and SECP.

Pakistani citizens mentioned in Paradise Leaks include former Prime Minister Shaukat Aziz, former NICL Chairman Ayaz Khan Niazi, business tycoon Sadruddin Hashwani, Mian Mansha of Nishat Group, Chairman Soneri Bank Alauddin and currency exchange businessman Obaid Altaf Khanani.

‘Paradise Papers’

Last week, the International Consortium of Investigative Journalists (ICIJ) leaked a fresh series of 13.4 million documents naming some Pakistani politicians and business tycoons among the most influential people around the world involved in stashing money abroad through their investments in offshore tax havens.

The Paradise Papers shedding light on how two firms; Bermuda’s Appleby and Singapore’s Asiaciti Trust, help the global rich and powerful move their money abroad, hitting headlines globally just a year after the explosive Panama Papers that jolted the world last year.