Dar chairs meeting to review proposals on improvement in laws regulating flow of foreign exchange

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ISLAMABAD, May 18 (APP): Finance Minister Senator
Mohammad Ishaq Dar Wednesday chaired a high level here to review proposals and recommendations on bringing about improvement and changes in the laws regulating the inflow and outflow of foreign exchange in the country, as well as disclosure of assets held abroad by Pakistanis.

State Bank of Pakistan (SBP), Securities and Exchange
Commission of Pakistan(SECP), and Federal Board of
Revenue(FBR), submitted their separate reports, in the context of Finance Minister’s instructions given earlier on evolving the methodology to plug loopholes in the system that allow tax evasion and illegal transfer of foreign exchange from the country.

The three institutions also made presentations on the
progress with regard to the Finance Minister’s directives for cross verification and investigation in cases of persons having resident status and holding interest in off shore companies as disclosed in the Panama Papers.