News Analysis |
The Pakistan Tehreek-e-Insaf (PTI) led federal government on Tuesday through its Assets Recovery Unit (ARU) recovered Rs530 million illegally sent abroad. According to sources, the recovered amount of Rs530 million has been deposited into the national exchequer while more recoveries are also on the cards in the near future. “The amount has been recovered after tracing offshore properties and bank accounts”, the sources said.
It was also confirmed that the major recovery was done from Singapore’s off-shore accounts; the details in this regard are not being made public.
The prime minister was also told that memoranda of understandings (MoUs) have been penned with UK, Australia, UAE, and Qatar to enhance the process of financial intelligence sharing.
It is pertinent to mention here that the PTI government has constituted the ARU for retrieval of unlawful money stashed abroad. It has been empowered to get any kind of information from any federal or provincial department and the relevant department within seven days after the request is received.
It has been clarified that the ARU through the law-enforcement agency (LEA) or any relevant department may seek such assistance and information including but not limited to bank accounts, records of companies, revenue records, travel record or data from the National Database Registration Authority (NADRA).
Many politicians and public office holders in the country are reportedly involved in the money laundering. As a matter of fact, former President Asif Ali Zardari and his sister and close aides are accused of money-laundering and fake accounts.
Prime Minister Imran Khan made it clear during his maiden speech that he will bring back all the looted money. He has reiterated his stance many times after assuming the highest public office of the country. While presiding over a meeting last month, the primer has said that “elements involved in money laundering do not deserve any concession and their reality should be exposed before the nation.” The prime minister was also told that memoranda of understandings (MoUs) have been penned with UK, Australia, UAE, and Qatar to enhance the process of financial intelligence sharing.
PM Khan has always maintained that “by embezzling public funds and moving them abroad to amass personal fortunes, not only did the country encounter a severe financial crisis [due to the actions of these individuals], but the nation was thrust in a quagmire of loans.”
It is important to note here that every year $10 to15 billion are sent abroad by illegal means. Hence, the government is working on recovering looted money to deal with the existing economic crisis in the country.