ISLAMABAD - Though the PML-N government has expressed its intention to bring back around $200 billion of the country that were are illegally deposited in Swiss banks, the lengthy process will not complete in the incumbent government’s tenure by 2018.
The government in order to speed up the process is also seeking the UK government’s guideline to perform the lengthy process, as the London had undergone the process to bring back assets from Swiss banks.
The developed countries like USA, UK and Germany have reportedly completed this process for bringing back their money in around five to seven years. Therefore, Pakistan would also require a long time to fulfil its dream.
“The PML-N government with good intention has started the process to bring Pakistani money back to the country. We will definitely seek guidelines from developed countries like UK,” said Finance Minister Ishaq Dar exclusively talking to The Nation.
Dar said the PML-N government would seek the guidelines of UK’s Revenue and Custom department to perform this process as at appropriate time. “If the process does not complete in the incumbent government’s term then I hope the next government will continue this process with same zeal and zest,” said the finance minister, adding that if the developed countries could take years then Pakistan’s process might also take some time.
“On the directions of the prime minister, a Pakistan delegation would visit Switzerland from August 26 to 28 to negotiate with Swiss authorities to upgrade the Pak-Swiss tax treaty,” he added.
When asked about $200 billion (ill-gotten money) of various Pakistanis, Dar said the amount of money could be less or more than $200 billion. “I moved a summary in the federal cabinet seeking its approval to renegotiate the existing (deficient) Pakistan-Switzerland Tax Treaty, which was duly approved,” he added.
It is relevant to mention here that Swiss Parliament has recently passed the “Return of Illicit Assets Act (RIAA),” a law that will make it possible for many developing countries, like Pakistan, to recover the billions of dollars shifted to the Alpine state by unscrupulous individuals and companies.
This treaty would be helpful to exchange confidential information regarding ill-gotten money stashed up in clandestine Swiss banking industry. The Swiss authorities claimed that around 200 billion dollars (ill-gotten money) of various Pakistanis were currently stashed in 11 Swiss banks. –JAVAID-UR-RAHMAN