Pakistani citizens transferred USD 15b abroad during FY 2016-17

LAHORE, PUNJAB, PAKISTAN - 2017/08/02: Pakistani national flag for the 70th Independence Day (National Day) celebration in Lahore on August 02,2017. The annual celebration is every 14th day of August. The country gained its independence from the British rule on August 14, 1947. During the celebration, people parade and dress-up in green and white, which are Pakistan's official flag colors. (Photo by Rana Sajid Hussain/Pacific Press/LightRocket via Getty Images)

Vastavam web: A staggering amount of USD 15.253 billion was transferred abroad by Pakistani citizens through normal banking channels during the financial year 2016-17, according to a media report.The amount was revealed in an eight-page written order in a suo motu case pertaining to retrieving the alleged ill-gotten money from foreign accounts, according to a report by The Express Tribune.They were tasked with deliberating and recommending legislative and executive measures for tracing and retrieving such assets held abroad. A final report of the committee was submitted on April 13 to the court.

According to the order, the report highlighted that during the financial year 2016-17 USD 15.253 billion were transferred abroad by Pakistani citizens through normal banking channels.The committee also suggested that during the same period a substantial amount of transfers took place from Pakistan under unauthorised and undocumented Hundi and Hawala mechanisms.