Dar briefed on cross ver­i­fi­ca­tion of per­sons hold­ing off-shore com­pa­nies

Pakistan Observer - - ECONOMY WATCH -

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.

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