ahlam1399
09-21-2016, 04:30 AM
ISLAMABAD: All the government institutions are probing the PanamaLeaks, the Public Accounts Committee was informed on Tuesday.
The Federal Board of Revenue (FBR) told the PAC that it had issued **tices to 221 people who were named in the PanamaLeaks and action would be taken once it was established that there were differences in their replies to the **tices and their tax returns.
National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry told the PAC in clear words that the investigations could only be initiated after the NAB got credible evidence to launch the inquiry and would wait for the outcome of the investigations of other financial institutions.
The DG FIA told the committee that it had ** powers to investigate public ****** holders.SBP Gover**r Ashraf Wathra told the committee that the SBP was **t an investigating agency but only shared the details of suspicious transactions with the intelligence agencies.
The PAC meeting held on Tuesday took up the issue of PanamaLeaks in which the heads of the top government officials and heads of the financial institutions, including FBR, FIA, SECP, NAB chairman and secretary finance briefed the committee on the probe of those who were named in the PanamaLeaks.
The PAC gave one month time to financial institutions and the investigation agencies to present the progress report to the committee.The ongoing conflict of the PML-N and PTI on the PanamaLeaks landed in the PAC on Tuesday as members of the both the parties exchanged hot words and turned the technical issue into a political one after the verdict of the secretary law who stated that the PAC did **t have the powers to take up the issue of PanamaLeaks.
During the meeting, Opposition Leader Khursheed Shah said that it had been revealed that more than 400 Pakistanis owned over 250 offshore companies. He asked what the relevant authorities had done so far in this regard.
PML-N leader Rohail Asghar said that the head of the national institutions should also inquire into the companies that were made during the era of 80s.Syed Khursheed Shah retorted that it did **t matter whether the issue was from the 90s or 80s, one should look objectively into the matter, putting aside political affiliations.
While briefing the committee, FBR Chairman that under the law, anyone could make investment in the offshore company after paying the due tax on the income.
He said out of 444 Pakistanis who were named in the PanamaLeaks, the **tices to 221 persons had been sent while the process of tracing their address for sending **tices to others and the action would be taken against those whose data of tax returns and **tices reply did **t match.
He further said that the FBR was awaiting the response of the **tices sent, adding that those who made offshore companies abroad after paying taxes would **t be considered as criminals.
PTI member Shafqat Mehmood questioned FBR chairman why the **tices had been sent after five months of Panama papers appearance.
FBR chairman replied that the delay was caused due to process of approving of the annual budget for the fiscal year 2016-17 from the National Assembly as they were expecting that a few laws would be strengthened. “In first phase we sent the **tices to those whose addresses were confirmed and **w our intelligence unit was working and also formed the committee,” he said.
Finance Secretary Waqar Masood told the committee that the file had been sent to Panama government for the access of the details of those Pakistanis who were named in PanamaLeaks but the Panama so far did **t give the details of the offshore companies.
SECP Chairman Zafar Hijazi told the committee that SECP had initiated the probe after the report of senior journalist Ansar Abbassi and they identified 155 directors who formed the offshore companies and sent the data of 444 Pakistanis to the SBP.
He told the committee that the Pakistani companies had made the investment of $601 million while the investment of $50 million was made in the offshore companies. “However, **t a single registered company has made the investment in the Panama that include Fauji Foundation, DESCON, JS, KASB securities, Lucky Cement, etc,” he added.
SECP chairman told the committee that the SECP only registered the companies and those who made the investments in the offshore companies did **t make these investments from the company accounts but from their personal accounts.
To a question of Dr Arif Alvi about the accounts of 155 directors, the SECP chairman replied that the SECP had only names of these directors.
SBP Gover**r Ashraf Wathra said, “The SBP has a record of transactions which were sent to foreign countries through banking channels but did **t possess the record which were sent through illegal channels.”
He said that the transactions through money laundering and suspicious transaction reported to the Financial Monitoring Unit (FMU) and these were forwarded to the FIA or NAB.
He told the committee that 250 offshore companies made investment of $42.37 billion and out of it 10 companies of Panama made the investment of $12 million.
He said that SBP gave permission of investment of $5 million out of the country and the ECC approval needed for making investment of above $5 million.
He said the SBP had ** tool to trace the transactions made through the Hundi or other illegal means.
Dr Arif Alvi observed that the laws of anti-money laundering and foreign exchange act gave powers to the institutions and the action could be taken under the law.
DG FIA told the committee that it was **t in the domain of the FIA how the money was sent outside the country.
NAB Chairman Qamar Zaman Chaudhry said the NAB only took action when there was credible evidence available. “The NAB will decide to take action on the basis of the outcome of investigation of other departments,” he told the committee.
Dr Arif Alvi remarked that the NAB was used to take the action even on the news reports and suspicion and arrested the people.
He said the section 15 of the NAB ordinance gave it powers to take action on the basis of suspicions. NAB chairman replied that he only followed the law as he did **t have unbridled powers. Syed Khursheed Shah directed the FBR to start the process of those 221 person to whom the FBR sent the **tices and complete the process of the sending **tices to others.
http://feeds.feedburner.com/~r/com/YEor/~4/uQe0JNV6JDc
أكثر... (http://feedproxy.google.com/~r/com/YEor/~3/uQe0JNV6JDc/151503-All-institutions-probing-PanamaLeaks-PAC-told)
The Federal Board of Revenue (FBR) told the PAC that it had issued **tices to 221 people who were named in the PanamaLeaks and action would be taken once it was established that there were differences in their replies to the **tices and their tax returns.
National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry told the PAC in clear words that the investigations could only be initiated after the NAB got credible evidence to launch the inquiry and would wait for the outcome of the investigations of other financial institutions.
The DG FIA told the committee that it had ** powers to investigate public ****** holders.SBP Gover**r Ashraf Wathra told the committee that the SBP was **t an investigating agency but only shared the details of suspicious transactions with the intelligence agencies.
The PAC meeting held on Tuesday took up the issue of PanamaLeaks in which the heads of the top government officials and heads of the financial institutions, including FBR, FIA, SECP, NAB chairman and secretary finance briefed the committee on the probe of those who were named in the PanamaLeaks.
The PAC gave one month time to financial institutions and the investigation agencies to present the progress report to the committee.The ongoing conflict of the PML-N and PTI on the PanamaLeaks landed in the PAC on Tuesday as members of the both the parties exchanged hot words and turned the technical issue into a political one after the verdict of the secretary law who stated that the PAC did **t have the powers to take up the issue of PanamaLeaks.
During the meeting, Opposition Leader Khursheed Shah said that it had been revealed that more than 400 Pakistanis owned over 250 offshore companies. He asked what the relevant authorities had done so far in this regard.
PML-N leader Rohail Asghar said that the head of the national institutions should also inquire into the companies that were made during the era of 80s.Syed Khursheed Shah retorted that it did **t matter whether the issue was from the 90s or 80s, one should look objectively into the matter, putting aside political affiliations.
While briefing the committee, FBR Chairman that under the law, anyone could make investment in the offshore company after paying the due tax on the income.
He said out of 444 Pakistanis who were named in the PanamaLeaks, the **tices to 221 persons had been sent while the process of tracing their address for sending **tices to others and the action would be taken against those whose data of tax returns and **tices reply did **t match.
He further said that the FBR was awaiting the response of the **tices sent, adding that those who made offshore companies abroad after paying taxes would **t be considered as criminals.
PTI member Shafqat Mehmood questioned FBR chairman why the **tices had been sent after five months of Panama papers appearance.
FBR chairman replied that the delay was caused due to process of approving of the annual budget for the fiscal year 2016-17 from the National Assembly as they were expecting that a few laws would be strengthened. “In first phase we sent the **tices to those whose addresses were confirmed and **w our intelligence unit was working and also formed the committee,” he said.
Finance Secretary Waqar Masood told the committee that the file had been sent to Panama government for the access of the details of those Pakistanis who were named in PanamaLeaks but the Panama so far did **t give the details of the offshore companies.
SECP Chairman Zafar Hijazi told the committee that SECP had initiated the probe after the report of senior journalist Ansar Abbassi and they identified 155 directors who formed the offshore companies and sent the data of 444 Pakistanis to the SBP.
He told the committee that the Pakistani companies had made the investment of $601 million while the investment of $50 million was made in the offshore companies. “However, **t a single registered company has made the investment in the Panama that include Fauji Foundation, DESCON, JS, KASB securities, Lucky Cement, etc,” he added.
SECP chairman told the committee that the SECP only registered the companies and those who made the investments in the offshore companies did **t make these investments from the company accounts but from their personal accounts.
To a question of Dr Arif Alvi about the accounts of 155 directors, the SECP chairman replied that the SECP had only names of these directors.
SBP Gover**r Ashraf Wathra said, “The SBP has a record of transactions which were sent to foreign countries through banking channels but did **t possess the record which were sent through illegal channels.”
He said that the transactions through money laundering and suspicious transaction reported to the Financial Monitoring Unit (FMU) and these were forwarded to the FIA or NAB.
He told the committee that 250 offshore companies made investment of $42.37 billion and out of it 10 companies of Panama made the investment of $12 million.
He said that SBP gave permission of investment of $5 million out of the country and the ECC approval needed for making investment of above $5 million.
He said the SBP had ** tool to trace the transactions made through the Hundi or other illegal means.
Dr Arif Alvi observed that the laws of anti-money laundering and foreign exchange act gave powers to the institutions and the action could be taken under the law.
DG FIA told the committee that it was **t in the domain of the FIA how the money was sent outside the country.
NAB Chairman Qamar Zaman Chaudhry said the NAB only took action when there was credible evidence available. “The NAB will decide to take action on the basis of the outcome of investigation of other departments,” he told the committee.
Dr Arif Alvi remarked that the NAB was used to take the action even on the news reports and suspicion and arrested the people.
He said the section 15 of the NAB ordinance gave it powers to take action on the basis of suspicions. NAB chairman replied that he only followed the law as he did **t have unbridled powers. Syed Khursheed Shah directed the FBR to start the process of those 221 person to whom the FBR sent the **tices and complete the process of the sending **tices to others.
http://feeds.feedburner.com/~r/com/YEor/~4/uQe0JNV6JDc
أكثر... (http://feedproxy.google.com/~r/com/YEor/~3/uQe0JNV6JDc/151503-All-institutions-probing-PanamaLeaks-PAC-told)