The federal investigation agency (FIA) submitted details of those Pakistani owning properties in the United Arab Emirates (UAE) and other countries in the Supreme Court. Following the submission of the report, the apex court sought details of 20 such Pakistanis and asked the authorities to produce them in the court on next date of hearing.
The FIA in its report stated that Pakistanis owned 894 properties in Dubai, while 374 individuals took advantage of the amnesty scheme and disclosed their assets. However, 150 individuals did not disclose their properties and 89 individuals denied ownership of the properties.
The report came up before a three-member bench of the apex court on Thursday during the hearing of a suo motu case over Pakistanis bank accounts and properties abroad. The bench was led by Chief Justice of Pakistan Mian Saqib Nisar.
During today’s hearing, Federal Board of Revenue (FBR) Chairman Jahanzaib Khan, Federal Investigation Agency (FIA) Director General Basheer Memon, State Bank of Pakistan (SBP) Governor Tariq Bajwa and the attorney general Anwar Mansoor Khan appeared before the court.
The top adjudicator said the agency in its report stated that foreign properties owned by Pakistanis are estimated at $100 billion. He remarked that with such a huge amount a dam could be built.
Director General FIA Bashir Memon told the court 894 Pakistanis have properties in the United Arab Emirates (UAE). Out of these, 374 individuals have taken advantage of the government’s amnesty scheme, 150 people have admitted that they have properties abroad, 69 people said they have shown their properties in their tax returns and 82 people denied having any property abroad.
According to the FIA director general, 150 people out of the total 894 own 203 properties, with each estimated to be worth a minimum of Rs50 million.
State Bank Governor Bajwa told the court that it was very difficult now to launder money out of the country.
He said foreign branches do not fall under the SBP’s jurisdiction. Chief Justice said the United Kingdom has only provided details pertaining to properties but not bank accounts. The SBP governor informed that the UK has initiated information sharing from September 1.