NAB likely to play central role in Panama probe

ISLAMABAD: The National Accountability Bureau (NAB) will likely to play a central role once a high-powered judicial commission to be formed by the Supreme Court begins probe into financial scandal revealed in Panama Papers, something that the experts believe might not completely satisfy the government's opponents.

The Supreme Court observed during its Tuesday’s proceedings that the country’s top anti corruption watchdog was a competent authority to hold investigation into the Leaks. There have been questions raised by many politicians about the impartiality of NAB which according to them should have initiated the inquiry on its own immediately after the Panama papers scandal unearthed.

“NAB will play a key role to probe Panama papers — this is what the authority should have taken suo moto notice of it earlier,” observed former prosecutor NAB Irfan Qadir. NAB under section 18 of NAB Ordinance of 1999, should take up matters of corruption to the exclusion of every other agency in the country, he observed. “NAB under Section 21 has also the authority to seek mutual legal assistance with regard to corruption matters,” he told The News.

NAB in its response submitted to the apex court on Tuesday argued that the Panama issue was beyond its jurisdiction because scandal unearthed abroad and there were no specified laws in place to proceed against those whose names exposed in the Papers.

“Under NAB’s laws, section 21 in particular, the government can lodge its claim with Panama and other countries for the recovery of assets and properties which are stashed in Panama and other offshore companies,” Mr Qadir observed.

Former attorney-general Salman Aslam Butt, who is now representing Prime Minister Nawaz Sharif and his children, Finance Minister Ishaq Dar and MNA Captain (R) Safdar in this case, observed as commission is formed the governmentcould contact countries where assets of Pakistanis stashed illegally.

NAB’s laws apply to all persons in Pakistan and all citizen of Pakistan wherever they may be in the world, Mr Butt observed: "Formation of high-powered judicial commission to investigate Panama leaks would take the matter to its logical conclusion."

Many investigation agencies could be engaged to probe this global scandal but it seems NAB and Federal Investigation Agency will play a vital role. The high-powered commission could engage FIA, Security Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), its Financial Monitoring Unit in particular, to probe over 400 Pakistanis whose names mentioned in the Panama papers, observed Ex Director General FIA Tariq Parvez.

It’s up to the commission either to form an investigation team with representation of all kinds of experts or to engage FIA, NAB, SECP, FBR, SBP, etc to probe the scandal, he explained. “Role of NAB and FIA, when it comes to engage international institutions, will remain vital to probe the scandal,” he told The News. He, however, questioned over capacity of these institutions as well as fair trial by the investigators.

About period of investigation into Papers, experts believe it could take six to eight months, if not years. Given that the proposed high powered commission will have to get access to information in at least three to four different jurisdictions namely Panama, London, British Virgin Islands etc to track highly technical and financial transactions, observed a former diplomat and a leading lawyer Adnan Randhawa. “In each case, for which it would also require services of international experts, the time required may span over six months if not years—for it all we will have follow other countries’ laws too,” he said.

Senator Saeed Ghani also pointed out overlapping of laws for probing corruption, stressing upon new legislation to form the powerful commission which could plead corruption cases abroad. “It’s our duty to bring reform in our accountability system—parliament can do it only,” Senator Ghani said.