There is a remote possibility of recovery and transfer of black money transferred by the unscrupulous element from Pakistan to foreign countries. The recent statement of chairman FBR in this connection is a case in point. He has rightly pointed it out that only 15 percent of the said money has been transferred abroad illegally whereas 85 percent of such money has been transferred under the Foreign currency Act 1992 which is quite liberal in the matter. The question is that if this is the case, can’t this Act be amended ?
The present government like its predecessor governments hasn’t been able to come down with a heavy hand on money laundering . Inordinate delay in the trial and decision of the cases against the accused involved in money laundering has sent wrong signals to the would-be money launderers.
In many places in the world , foreigners are encouraged to invest money no matter how big is the amount in whatever field they want to. No questions are asked as to the source of the money they want to invest. They are also not asked whether or not they have paid to their respective governments various types of legal taxes payable on their part to their government on the said amount.
POSTSCRIPT : We used to once excel in hockey and squash. For decades we ruled over hockey grounds and in the squash courts of the world. Reverse is the case now. We are either here nor there in these two sports . The lean period through which these two sports have been passing shows no sign of end. The PHF and the Pakistan Squash Federation must get their act together and try that Pakistan regains its lost position in these two games at the international level.
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