| Case ID |
09e5015f-bcfa-4cda-8ce4-0142729c6a6a |
| Body |
View case body. Login to View |
| Case Number |
|
| Decision Date |
Feb 01, 2018 |
| Hearing Date |
Feb 01, 2018 |
| Decision |
The Supreme Court of Pakistan, in a suo motu action, addressed the issue of Pakistani citizens maintaining foreign bank accounts without disclosure, which constitutes a violation of the law and fundamental rights. The court observed that such actions represent illegal siphoning of national wealth, potentially involving ill-gotten gains. The court directed the State Bank of Pakistan and other relevant agencies to report on steps taken to identify these citizens and retrieve the funds stashed abroad. The court emphasized the urgency of addressing this issue for the welfare of the citizens and the economy. |
| Summary |
In the landmark case decided on February 1, 2018, the Supreme Court of Pakistan initiated a suo motu action concerning the maintenance of foreign bank accounts by Pakistani citizens without proper disclosure and tax compliance. This action was prompted by concerns over the potential siphoning of national wealth and the adverse effects on the economy and society. The court highlighted that such undisclosed accounts could represent ill-gotten gains, contributing to economic disparity and undermining the rule of law. The court ordered various state institutions, including the State Bank of Pakistan and the Federal Board of Revenue, to collaborate and provide comprehensive reports detailing the steps taken to identify these accounts and retrieve the funds. This case underscores the importance of transparency and accountability in financial dealings, especially in the context of international banking and tax compliance. The decision reflects the court's commitment to uphold the fundamental rights of citizens and address public issues of significant importance, emphasizing the need for legal and diplomatic efforts to tackle financial misconduct. The ruling has implications for the enforcement of tax laws and the integrity of the financial system in Pakistan. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
Federal Board of Revenue,
Securities and Exchange Commission of Pakistan,
Federal Investigation Agency,
Ministry of Foreign Affairs,
State Bank of Pakistan,
Ministry of Finance
|
| Judges |
UMAR ATA BANDIAL, JUSTICE,
IJAZ UL AHSAN, JUSTICE
|
| Lawyers |
Not available
|
| Petitioners |
Not available
|
| Respondents |
Not available
|
| Citations |
2018 SLD 307,
2018 SCMR 574
|
| Other Citations |
Not available
|
| Laws Involved |
Constitution of Pakistan, 1973
|
| Sections |
184(3)
|