London’s financial hub has become the focal point of controversy as it is revealed by French newspaper Le Monde that HSBC bank has helped customers dodge millions in taxes between 2005 and 2007. Already Ed Balls is being coerced into giving an urgent explanation, as he was the city minister, at the time and criminal investigations has begun across countries, in a bid to apprehend the perpetrators. So far, BBC’s Panorama, a British television program has found that HSBC has, amongst others, enabled wealthy celebrities and sports stars to evade tax.

As per the norm, the authorities will most probably bring the miscreants to justice. If only the perpetrators were aware of a country called Pakistan, where the rich pay no tax and declare small holdings as their property. The Sharif’s clan is the wealthiest. However Nawaz Sharif and his wife declared real estate totaling to Rs.2 billion and failed to mention shared ownership in companies and assets abroad.

Many Parliamentarians did not disclose their assets, which is a vital component for of a democracy to run as it ensures transparency for the purpose of accountability. Unfortunately, we are not facilitated with any supervisory body that reviews the asset and income declaration of politicians. As a result dishonest politicians have taken advantage of such loopholes and declared very low purchase cost that does not in any way match their affluently lifestyles.


United Kingdom, February 10.