November 29, 2021

FBR To Investigate 247 Offshore Account Holders: Shabbar Zaidi

Chairman FBR Mr. Shabbar Zaidi while briefing the National Assembly Standing Committee on Finance, about offshore accounts, said that the government has received evidence through the Organization for Economic Cooperation and Development (OECD) that 152,000 Pakistanis have almost $7-$8 billion in offshore accounts.

He said that an agreement was signed with the OECD in 2016, which enabled the sharing of financial information among 28 countries. This enabled FBR to get details of foreign accounts of almost 152,000 Pakistanis. However, this data does not include the financial information of Pakistanis residing in the UAE and the FBR is conducting negotiations with the UAE authorities to obtain that data. He further added that from among these people, 378 of them have almost $5 billion in offshore accounts. The committee was briefed that the FBR was taking adequate measures to investigate 247 individuals, among the 378 people, who have still not declared their assets in the amnesty schemes of 2018 and 2019.

Zaidi further explained that interpreting the data received by OECD is a difficult task as they only receive names of the individuals having offshore accounts. The committee, headed by former Finance minister Asad Umar, has directed the FBR to take whatever action necessary regarding the matter and brief the Committee further on the issue in November 2019.

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