Ex-spymaster Gen Akhtar, sons named: Fawad terms corruption, money laundering major issues of Pakistan
\n ISLAMABAD
\nA massive leak from one of the world\u2019s biggest private financial institutions, Credit Suisse, has allegedly exposed the hidden wealth of major banks\u2019 clients including hundreds of Pakistani.
\nThe Organised Crime and Corruption Reporting Project (OCCRP), a network of journalists from around the world, said despite two decades of pledges by Credit Suisse to crack down on illegitimate funds, data leaked from the bank revealed it catered to dozens of criminals, dictators, intelligence officials, sanctioned parties and political actors with out-sized wealth.
\n\u201cAccounts identified by journalists as potentially problematic held over $8 billion in assets,\u201d OCCRP said in a statement on its website, adding \u201ccompliance experts who reviewed journalists\u2019 findings said many of these customers should not have been allowed to bank at Credit Suisse at all.\u201d
\nAccording to The News, a partner of OCCRP in the investigation, 1,400 Pakistani citizens were linked to approximately 600 Credit Suisse accounts.
\nAmong the people listed as holding amounts worth millions of dollars in Credit Suisse accounts was the head of the Pakistani intelligence agency, General Akhtar Abdur Rahman Khan, who \u201chelped funnel billions of dollars in cash and other aid from the United States and other countries to the Mujahideen in Afghanistan to support their fight against the Soviet Union,\u201d the New York Times reported.
\n\u201cIn 1985, the same year President Ronald Reagan called for more oversight of the aid going into Afghanistan, an account was opened in the name of three of General Khan\u2019s sons. (The general never faced charges of stealing aid money.) Years later, the account would grow to hold $3.7 million, the leaked records show,\u201d the Times said.
\nTwo of the general\u2019s sons, Akbar and Haroon Khan, did not respond to the Times\u2019 requests for comment for the reporting project. In a text message, a third son, Ghazi Khan, called information about the accounts \u201cnot correct,\u201d adding, \u201cThe content is conjectural.\u201d
\nIn response, Credit Suisse said it was unable to comment on specific clients but \u201cstrongly rejects the allegations and inferences about the bank\u2019s purported business practices\u201d, which it said were \u201cbased on partial, selective information taken out of context, resulting in tendentious interpretations of the bank\u2019s business conduct\u201d.
\nThe latest leak follows the Panama Papers in 2016, the Paradise Papers in 2017 and the Pandora Papers last year. They all shed light on the secretive workings of banks, law firms and offshore financial-services providers that allow wealthy people and institutions \u2014 including those accused of crimes \u2014 to move huge sums of money, largely outside the purview of tax collectors or law enforcement.
\nIn a tweet on Monday, Information Minister Fawad Chaudhry said that corruption and money laundering are the \u201cmost important problem\u201d for countries like Pakistan.
\n\u201cThe story of Panama, Pandora and now Swiss accounts – first steal money then send it out of the country,\u201d the minister said. \u201c@ImranKhanPTI [Prime Minister Imran Khan] is continuously raising voice on this issue for rich countries to stop this exploitation from poor countries.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Ex-spymaster Gen Akhtar, sons named: Fawad terms corruption, money laundering major issues of Pakistan ISLAMABAD A massive leak from one of the world\u2019s biggest private financial institutions, Credit Suisse, has allegedly exposed the hidden wealth of major banks\u2019 clients including hundreds of Pakistani. The Organised Crime and Corruption Reporting Project (OCCRP), a network of journalists […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-245712","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n