Government’s commitment towards accountability is applaudable but looters continue to give tough fight
By a conservative estimate every year around Rs800, billion is wasted in corruption
- The theft of assets by corrupt officials weakens confidence in public institutions and deteriorate the private investment climate.
- People are losing their confidence in investigation institutions over lingering cases in courts.
Pakistan’s current government and Prime Minister Imran Khan has finally realized that it is immensely difficult to get back robed money stashed by the previous governments. It is one of the most difficult things to retrieve looted money and convict looters in Pakistan.
Money gained from illegal resources has a staggering impact on the development of the country. People having billions of illegal assets live in Pakistan without any fear of liability.
Many looters transfer their money and made assets overseas and have trust in foreign countries that they will protect them and let them live their countries peacefully.
Billion wasted on corruption
By a conservative estimate every year around Rs800, billion is wasted in corruption. Although media reports the estimation between $150 billion and $400 billion.
It can only be hoped that if the government not fully succeed in it but must have been able to control it. Authorities should be able to know the fact that the Hundi business has not stopped yet.
No doubt, the current government has done so much in this area but still, there are many malls and buildings built by tax evaders but no action is taken against them.
Investigation institutions needs to be strengthen
For the past year, many high profile cases are lingering in the courts without any conviction. Investigation institutions need to be strengthened and should take effective measures to reduce the trial period.
We still need such institutions that have people’s confidence. Citizens can trust that these looters are not going to get away with their money as they always do.
Obstacles faced by the practitioners are effective, prompt, and cooperative assistance between jurisdictions, differences across jurisdictions in the evidence required, the burden of proof, notification requirements, and banking secrecy.
This illegally acquired money eventually is a burden on the poor’s pocket. On top of that, billions of dollars are transferred overseas while we beg other countries to sustain our reserves.
Without questioning government’s commitment towards corruption free Pakistan expertise needed for unearthing stolen assets.
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