The situation now is that no legislation for terrorist financing or money laundering exists within Pakistan. The country was blacklisted by the FATF in February.
Is there need for us to have specific laws on money laundering? Certainly, accusations of corruption on the part of many who are in the public eye abound.
Between 1988 and 1988, according to the Economic Survey of Pakistan 2000-2001, Pakistan borrowed and failed to repay a foreign debt of $13bn. The Prime Ministerial Secretariat in Islamabad, the Lahore-Islamabad motorway and Nawaz Sharif’s ‘yellow cab’ scheme were the major spending projects of the 1990s. Together these projects cost around $3bn.
Where did the rest of $10bn go?
During the same period, luxury flats in London’s Park Lane were bought through off-shore companies based in the British Virgin Islands. They were allegedly bought by Mr Sharif, who did not deny it. According to nomination papers filed in 1996 for the upcoming National Assembly elections, Mr Sharif paid approximately Rs600 as income tax between 1994 and 1996.
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