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ISLAMABAD: The Prime Minister, Imran Khan, has established a high-level cell under the Prime Minister's Inspection Commission to investigate those Pakistanis named in the Pandora's Leaks, said Minister for Information and Broadcasting Fawad Chaudhary in his tweets.

The minister, in his tweets stated that it is unfortunate that the owners of all the major media houses in Pakistan are involved and many have been accused of money laundering.

The Ministry of Information is launching a transparent investigation in this regard and the PEMRA is being asked to respond.

Reportedly the Cell would comprise Federal Investigation Agency (FIA), Federal Board of Revenue (FBR), and National Accountability Bureau (NAB).

PM says govt to probe all those named in 'papers'

They would report their findings to the PM's Inspection Commission.

Prime Minister Imran Khan has vowed to investigate "all citizens" named in the Pandora Papers leaks.

"If any wrongdoing is established we will take appropriate action," the prime minister said.

The premier welcomed the findings, "exposing the ill-gotten wealth of elites, accumulated through tax evasion and corruption and laundered out to financial "havens"."

He said that the UN SG's Panel FACTI has calculated a staggering $7 trillion in stolen assets parked in largely offshore tax havens.

'Links' to offshore companies: Tarin, Moonis, others named in Pandora Papers

In the past, the joint investigation team (JIT) was constituted to investigate the Panama leaks including representatives from the FIA, the NAB, the Securities and Exchange Commission of Pakistan (SECP), the State Bank of Pakistan (SBP), and the intelligence agencies.

The tax-related issues of the Panama Leaks were investigated by the Directorate General of Intelligence and Investigation (IR). At that time, the SECP had found that no direct investment has been made by the companies registered in Pakistan in the offshore companies listed in the Panama Papers.

The Directorate General of Intelligence and Investigation (IR) was established u/s 230 of the Income Tax Ordinance, 2001 through Finance Act, 2012. The agency has been entrusted by the FBR to all tax-related issues, to gather information regarding tax evasion, fiscal fraud, and revenue leakages.

The directorate has valid jurisdiction to issue notices u/s 176 of the Income Tax Ordinance, 2001 in view of powers conferred upon it through SRO 115(I)/2015 dated 9th February 2015 read with sections, 230, 208 and sub-section (1) of section 209 of the Income Tax Ordinance, 2001.

Copyright Business Recorder, 2021

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