According to one estimate, the total amount of illegal wealth in the world amounts to more than $7.5 trillion. Though this phenomenon is not restricted to developing countries, its impact is particularly devastating for countries like ours. This is because the middle class and the poor are further crushed under the burden of unfair, heavy indirect taxes as the corrupt evades direct taxes. Just as the Army Public School attack galvanised the nation to fight against terrorism and defined the national narrative for carrying out this fight, the Panama Papers are another such event. This devastation is equivalent to economic terrorism.
The world is changing the rules of business and punishing the corrupt. We should not just join the fight, but also be in the lead because few other countries have been affected by this disease like us. Our future and that of our children is at stake.
Syed Mohammed Shahzaib Nadeem
Karachi
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