Pak SC seeks report on citizen's foreign bank accounts

Pakistan's Supreme Court has taken suo motu notice of funds deposited in foreign bank accounts and foreign assets held by Pakistani citizens.

According to Dawn, the court has ordered the State Bank of Pakistan (SBP) to furnish on Febuary 15 a comprehensive report regarding steps taken to identify the citizens, who hold accounts in foreign jurisdictions.

The SBP, the Federal Board of Revenue (FBR), the Securities and Exchange Commission of Pakistan (SECP) and the finance ministry are also required to submit report on the steps taken.

Inter-Services Intelligence (ISI), the Military Intelligence and Federal Investigation Agency (FIA) are also directed to share their information with the court.

Chief Justice of Pakistan (CJP), Justice Mian Saqib Nisar stressed upon that many Pakistanis in positions of power hold accounts in foreign banks and have been looting the country's money and transferring it abroad through illegal channels.

The CJP observed that the money looted has to be brought back to Pakistan, according to the reports.

He said the Foreign Ministry and SBP should share details of Memorandums of Understanding and agreements to be inked with various countries for the return of looted money to the country.

The CJP also directed FBR chairman to tell the court how many Pakistanis hold accounts in Swiss banks, and the banks in other countries.