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SECP to investigate assets of Pakistanis named in Panama Papers’ sequel
SECP to investigate assets of Pakistanis named in Panama Papers’ sequel
Published at: 8 month(s) ago

Islamabad: The Security & Exchange Commission of Pakistan (SECP) has decided to investigate assets of those Pakistani citizens, whose names have been appeared in Panama Papers' sequel, named Paradise Papers leaks.

As many as 135 Pakistanis have been named in the second largest global leak for stashing wealth abroad through their investments in offshore tax havens.

According to SECP Acting Chairman Zafar Abdullah, the investigation has been started under its rules and regulations.

In light of Form 29 of the SECP regulations, the Director of any company is liable to inform the organisation in case of any foreign investments.

The SECP is likely dig out evidences regarding use of black money, besides finding out the involvement of any firm legalising the black money, sources said.

Earlier, the Federal Board of Revenue (FBR) formally started investigations against 19 out of 135 citizens of Pakistan mentioned in Paradise Papers, dispatching letters to various state institutions including the State Bank of Pakistan and SECP.

Pakistani citizens mentioned in Paradise Leaks include former Prime Minister Shaukat Aziz, former NICL Chairman Ayaz Khan Niazi, business tycoon Sadruddin Hashwani, Mian Mansha of Nishat Group, Chairman Soneri Bank Alauddin and currency exchange businessman Obaid Altaf Khanani.

What is Paradise Papers?
The Paradise Papers released by the International Consortium of Investigative Journalists (ICIJ) is a database comprising around 13.4 million documents, which reveals over 25,000 companies owned by the world's rich and influential individuals.

The documents were obtained from two companies in Singapore and Bermuda by a German newspaper and shared with the International Consortium of Investigative Journalists (ICIJ). A major part of the Paradise Papers comprises leaked files from company 'Appleby'.

The files reveal data of over 25,000 companies owned by individuals from 180 countries, from 1950 to 2016.

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