World Bank denies media reports on money laundering

ISLAMABAD: The World Bank on Tuesday denied the media reports regarding allegations on former Prime Minister Nawaz Sharif to send $4.9 billion from Pakistan to India through money laundering, citing the World Bank’s Remittances and Migration Report of 2016.

"These media reports were incorrect", said a statement issued by the World Bank adding the World Bank’s Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world.

It clarified, the report does not include any mention of money laundering nor does it name any individuals.

In the report, the World Bank estimates bilateral remittances between countries using the methodology summarized in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report, the statement added.

The World Bank's press release also refered to a statement by the State Bank of Pakistan (SBP) which also rejected estimates of US$4.9 billion remittances from Pakistan to India on September 21, 2016, refuting the $4.9 billion remittances number and providing an explanation of the methodology used in the World Bank report and the official remittances numbers.