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Report: Pakistanis own properties worth $150bn in UAE

September 6, 2018 at 11:03 am

Pakistan’s Federal Investigation Agency (FIA) has told the Supreme Court on Monday that Pakistanis own assets and properties worth $150 billion in the United Arab Emirates.

This was revealed during a hearing regarding 225 properties owned by Pakistani nationals in the UK which authorities believe have been used to launder “looted” money.

“These individuals must be punished for hiding money,” Justice Umar Ata Bandial said during the hearing.

The government of newly elected Prime Minister Imran Khan had setup a task force to follow up on the matter and recover any money which is being kept abroad. There have also been recommendations that the investigation should be expanded beyond assets being held in the UAE and UK.

“The British government has listed Pakistan among the top three sources of money laundering after Nigeria and Russia in its National Crime Agency Report 2018,” the report said.

Read: UAE launches ‘amnesty visa’ for illegal Pakistan expats