Fake bank accounts worth billions could only have taken place with connivance of concerned bank executives, inept financial regulators and nexus of corrupt within bureaucracy, powerful land mafia and sensitive agencies. Heavy penalties have been imposed in USA, Europe etc on major banks like HSBC etc for their failure in complying with internationally accepted laws regulating banking. 

There is supposed to be a Compliance Section within individual banks, State Bank and National Bank of Pakistan to monitor banking transactions exceeding declared amount. Heavy penalties should have been imposed by regulators for gross financial irregularities and money laundering, while bankers involved faced prosecution and given exemplary punishments. As yet no penalty has been imposed on individual banks involved, nor any criminal proceedings initiated by them, neither their identity revealed, which exposes casual approach of financial regulators, the bureaucracy and federal government, although we face international scrutiny by FATF and others. Even in rare event when major scam such as involvement of former President NBP in $185 Million scam in Bangladesh was unearthed, nobody has been punished as yet, nor money recovered. 

Only if culprits involved are linked with political parties opposed to sitting government, are they named and shamed, but not in case they have links with powerful real estate mafia or corrupt civil cum uniformed bureaucracy. It is common knowledge that during service, almost half top public office holders, shift their families to foreign countries, transfer their money there and then migrate after retirement. These corrupt public office holders who have been beneficiaries of state largesse, such as multiple allotment of plots, have pilfered this country so much that they think it will not survive the damage they have inflicted. 


Lahore, October 7.