Money laundering: Details of Rs700 bn received from 10 countries

ISLAMABAD: Special Assistant to the Prime Minister on Accountability Shahzad Akbar on Monday said that they had received details from 10 countries of money laundering worth Rs700 billion and references in this regard will be filed soon.

Addressing the media in Islamabad along with Senator Faisal Javed and Adviser to PM on Media Iftikhar Durrani, Akbar said, “We have identified over 5,000 fake accounts which were used for money laundering. Money laundered through these accounts exceeded $1 billion”, adding that the accounts were created in the names of ice cream vendors and rickshaw drivers.

“Previous leaders issued Iqamas to conceal the amount that was laundered out of the country,” the special assistant to the premier continued. Akbar shared, “We are seeking details of all Iqama holders from the Dubai administration.

“Those who have stashed money in Dubai and European banks will not be able to hide,” the premier’s special assistant warned. Stating that they have received details pertaining to money laundering from 10 countries, the premier’s special assistant said, “$5.3 billion were taken out of Pakistan. This amount translates to Rs700 billion and is a small fraction of the total amount laundered.

“The matter of fake accounts is being heard in the Supreme Court and the court has ordered that it should not be discussed on air.” Further, Akbar said, “A list of suspects will be released soon, however, it cannot be shared before a decision is taken on filing references.”

Elaborating on the Iqamas issued by previous leaders, Akbar said, “There are two kinds of Iqama holders — one kind is labourer and those who work hard and the other is ministers whose details are hard to find.” He added, “The hardest part is identifying the real suspects as those who hold Iqamas hide their identities.

“Some people have bought properties in the name of their drivers and gardeners. When we investigate, we find out that they are the employees of big people,” he said. Akbar said, “These findings are from investigations over the last 70 days and focused on 10 countries. Money laundering has destroyed Pakistan. We would have been an economically stable country had there been no money laundering,” he regretted.

Also speaking to the media, Iftikhar Durrani said, “Properties worth $15 billion were bought in Dubai alone. NAB, FBR, SECP and other institutions are working within their framework. We have not filed cases against anyone and if we do, we will inform first.”

The premier’s special assistant on media further said, “No matter what anyone says, the process of accountability will continue. The asset recovery unit is also working and has not registered any cases as yet.”