Dar briefed on cross verification of persons holding off-shore companies
MIAN ARSHAD ISLAMABAD—The key monetary institutions, Wednesday, briefed a high level meeting about the progress on cross verification and investigation in cases of persons having resident status and holding interest in offshore companies as disclosed in Panama Papers. Finance Minister Ishaq Dar had directed three key monetary institutions including the State Bank of Pakistan (SBP), the Securities and Exchange Commission of Pakistan (SECP), and the Federal Board of Revenue (FBR) to submit separate reports in this regard. In this regard, Finance Minister Ishaq Dar chaired a high level, here to review proposals and recommendations on bringing about improvement and changes in the laws regulating the inflow and outflow of foreign exchange in the country, as well as disclosure of assets held abroad by Pakistanis. State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and Federal Board of Revenue (FBR), submitted their separate reports, in the context of Finance Minister’s instructions given earlier on evolving the methodology to plug loopholes in the system that allow tax evasion and illegal transfer of foreign exchange from the country.
The three institutions also made presentations on the progress with regard to Finance Minister’s directions for cross verification and investigation in cases of persons having resident status and holding interest in off-shore companies as disclosed in Panama papers. The Minister issued directions for early completion of the verification and advised the three institutions to further improve and firm up their recommendations after mutual consultation, following which a detailed report be presented to the Finance Minister.