(ISLAMABAD) Finance Minister of Pakistan Ishaq Dar told the National Assembly that government is seriously considering steps to bring back illegal assets from Swiss banks.
The Finance Minister told the National Assembly in writing that the government is seriously mulling to exchange information regarding the illegal money deposited in the Swiss banks under new laws.
The new Act of 2010 allows the Swiss government to exchange the confidential information regarding the illegal amount deposited in the Swiss banking industry.
Ishaq Dar said that the Pakistan-Switzerland tax agreement is unsatisfactory and amendments are required in order to gain access to Pakistani capital.
He further said that the Federal cabinet has approved the summary to review the agreement with the Swiss government.
Parliamentary Secretary for Finance Rana Afzal said that the names and accounts of those Pakistanis could be accessed who have deposited unauthorized money in the Swiss banks if the amendments are approved in the Pakistan-Switzerland agreement.
Furthermore, a delegation will visit Switzerland from August 26 to 28, 2014 to bring back the illegal money from the Swiss banks.
It may be mentioned here that Pakistanis have deposited almost $200 billion illegally in the Swiss bank accounts while the total sum of the cash deposited illegally is 7000 billion dollars.
Pakistan’s $200 bn plus in Swiss Banks and its finance minister is begging IMF and World Bank for few dollars.