Fake bank accounts on rise in Pakistan: What is actually going on?
Keeping in view these happenings, it can be any one: an accountant, a retailer, or even a dead man.
(Web Desk) – Fake accounts are on the rise in Pakistan, at some place any hawker becomes billionaire while on the other a nurse gets millionaire, of course by doing nothing. The matter took hype especially after a Karachi’s falooda seller Abdul Qadir turned out to be a billionaire. He was baffled and wanted to know the notice issued to him by FIA.
At the time of opening an account, genuine CNIC and other relevant information are required and in case of a person living abroad, a passport is needed but fake accounts are being opened and being operated in spite of strict criteria. Senior economist Shahid Hassan Siddiqui is of the view that illegal practices are still going on in Pakistan and accounts are opened under political pressure.
Interestingly, these developments are surfacing at a time when FATF’s team is on its visit to Pakistan and the country is under crisis concerning its entry into grey list again after being in white list. Unfortunately, the mentioned loopholes have a lot to do with the action taken by FATF.
He further went on to say that there is a need to have banking reforms and opening of these accounts should be probed. Why have it not be probed when these accounts were opened? State bank governor of that time should also be invested.
Banking sector now needs to be more vigilant as under the new of law of State Bank of Pakistan unless biometric verification of CNIC is conducted, no one will be able to open up an account. Wretchedly political pressure still prevails and accounts are being opened for converting black money into white one. The case of ex-President of Pakistan Asif Ali Zardari is the same. There are others more than two dozen such cases which are being tried in Banking Court of Karachi.
Fake accounts and FATF having Pakistan in grey list
Interestingly, these developments are surfacing at a time when FATF’s team is on its visit to Pakistan and the country is under crisis concerning its entry into grey list again after being in white list. Unfortunately, the mentioned loopholes have a lot to do with the action taken by FATF. The entity has demanded Pakistan to break the nexus between terrorists and ill-gotten money.
It is high time Pakistani government take action against the corrupt elements. Factually speaking, nobody knows who will be next billionaire; keeping in view the contemporary developments; it can be any one: an accountant, a retailer, or even a dead man.
Read Urdu version here Roznama Dunya
Edited and translated by Junaid Ali Malik