PTI Govt making a U-turn on Looted Wealth stashed abroad claims

[Savak]

A major U-turn in the offing

ISLAMABAD: The upcoming amnesty scheme of the PTI government will make the much trumpeted Assets Recovery Unit of the government redundant besides dashing hopes built by the ruling party for bringing back hidden US$200 billion from overseas.

As the government is all set to announce amnesty scheme to encourage Pakistanis to declare their hidden and untaxed wealth held both within the country and offshore, this initiative will directly hit the purpose for which the Assets Recovery Unit of the government was established by the Imran Khan government.

Official sources said that the Imran Khan government has now realized that what it had promised about the bringing back of looted $200 billion from abroad is an impossible task.

Not only that the PTI government could not find any credibility in the much quoted $200 b figure that was said to be stashed in offshore accounts, it has also understood finally that it can’t even recover the $9 billion wealth that the Assets Recovery Unit claimed to have identified in foreign countries.

The amnesty scheme, which is being finalized and is expected to be announced in the near future, will allow all Pakistanis to declare their un-taxed or hidden wealth by depositing a nominal percentage of their declared wealth. The PTI government, which had set its eye on $200 billion (Rs28,400 billion), is now expecting mere Rs175 billion revenue from its amnesty schemeAlthough, the Assets Recovery Unit has failed to recover even $20 million (what to talk of $200 billion) so far, its probe regarding the identification of undeclared assets would help the government amnesty scheme to document many of the assets/ wealth being identified by the Unit.

Soon after coming into power, the PTI government had established Asset Recovery Unit to retrieve assets hidden overseas. The Unit comprises of officials from the State Bank of Pakistan, Federal Board of Revenue (FBR), National Accountability Bureau (NAB), Federal Investigation Agency and intelligence agencies.

In one of his initial press conferences, head of the Unit and PM’s advisor on accountability Barrister Shahzad Akbar had said that members of the ARU had already got details of over 10,000 properties in Dubai and England. He had complained that details of at least half of the 10,000 properties were previously available but no action was taken.

Notices were also issued to hundreds of properties from the list but the Unit so far recovered less than a billion rupee. A few months back, it was reported that Rs530 million, which was illegally sent abroad, was recovered by the government through its Assets Recovery Unit (ARU).

Now the authorities also admit that if it is not impossible then really difficult to recover and bring back the hidden assets identified overseas. Under the international conventions, after a lot of efforts if any overseas hidden wealth is discovered and pursued with the host government, the most Pakistan can get it the payable tax amount.

For the same reasons, the PTI which has been showing its abhorrence in the past against amnesty schemes is now launching one of its own to document the untaxed/ hidden wealth. According to a source following the amnesty scheme, the Assets Recovery Unit if is allowed to continue may focus on cases of politically exposed persons particularly belonging to the opposition parties.

Link: https://www.thenews.com.pk/print/468338-a-major-u-turn-in-the-offing

Comments: If the PTI govt does this, i swear to god i will completely give up on any hope of Pakistan realizing its potential. This will be the last straw for me

 

[hafeezrocks]

PTI government is finally realizing that its easier to make tall claims sitting in the opposition but difficult to walk the talk when you are in power.

 

[Bewal Express]

PTI government is finally realizing that its easier to make tall claims sitting in the opposition but difficult to walk the talk when you are in power.

Where is NS these days, why is AZ looking like he has lost has bearings? These are are a start and much is to be done and IA it will be done

 

[Savak]

PTI government is finally realizing that its easier to make tall claims sitting in the opposition but difficult to walk the talk when you are in power.

What happened to the claims by IK that he will not give an NRO to these crooked politicians? This is like giving an NRO.

Besides everyone knows that pre-election campaigning and actually governing are two different things.

 

[Savak]

Where is NS these days, why is AZ looking like he has lost has bearings? These are are a start and much is to be done and IA it will be done

I think the PTI govt did not anticipate the amount of time, effort and the exact amount which could practically be recovered.

 

[Bewal Express]

I think the PTI govt did not anticipate the amount of time, effort and the exact amount which could practically be recovered.

It's very difficult to recover because the countries these crooks hide the money are complicit in the theft and hiding of money. IA money will be recovered but it will take time.

 

[Loralai]

naye pakistan ki sunehri fizayen.

Still I am sure this is the fault of opposition parties and not of PTI.

 

[Savak]

naye pakistan ki sunehri fizayen.

Still I am sure this is the fault of opposition parties and not of PTI.

PTI is responsible for the theft and corruption by the PPP and PML-N?

 

[Syed1]

Man I sure miss the times of PML-N and the PPP before that and the rivers of milk and honey that were flowing .

 

[Angrez Pakistani]

People on this forum religiously defend one party or the other. I believe if given the opportunity, all these political parties will not think twice before selling each of you for their interests.

 

[jaspa888]

Its a pragmatic move by PTI - sad but inevitable.

Until the PK institutions are headed by specialist lawyers and forensic accountants, the crooks will continue to elude justice.

 

[Savak]

To be very honest, PTI's government has been a complete and utter failure. By backtracking on this issue against corruption and by giving up on the looted wealth, they have completely went back on the entire manifesto on which they came. My frustration with this Imran Khan led government is at a threshold now. It looks like for 20 plus long years, all he dreamt and worked towards was to somehow come to power but put very little thought process or planning or preperation in terms of what they will actually do when in power and can whatever they wish to do be implemented. They just look completely out of their depth right now, the first year is the litmus test for any new government and sadly the report card is F.