Ishaq Dar takes notice of Panama-like Leaks

ISLAMABAD: Federal Finance Minister Ishaq Dar Thursday took notice of yet another spate of revelations regarding offshore companies owned by Pakistani nationals—this time round, Bahamas Leaks.
Dar directed State Bank of Pakistan (SBP) and Securities, Federal Board of Revenue (FBR) and Exchange Commission of Pakistan (SECP) to immediately conduct inquiry into the fresh revelations.
He called upon the authorities to meet all legal requirements for across-the-board and immediate inquiry against Pakistani nationals and companies unveiled in Bahamas Leaks.
Following earthshaking revelations made by Panama Papers uncovering massive corruption in national coffers, another cache of leaked documents has revealed tax heaven of elite, carrying names of 150 Pakistanis who own companies in the Bahamas, a constellation of over 700 islands.
The investigation is based on leak of 1.3m internal files from the company register of the Bahamas, one of the world’s most notorious tax havens.
The data has brought to light details of the financial interests of politicians, entrepreneurs, financiers – and fraudsters.
Five months after the release of the Panama Papers, this new cache of information from the world of offshore tax havens contains the names of directors and some shareholders at nearly 176,000 shell companies, trusts and foundations.

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