swiss

PESHAWAR, May 9: The government of Pakistan is considering to bring back illegal assets deposited in Swiss banks.

“At least 200 billion dollars are in the Swiss Banks, and the money could change the destiny of country if recovered,” Parliamentary Secretary for Finance Rana Muhammad Afzal Khan told the National Assembly

He said the Swiss Government had agreed to renegotiate the existing Pakistan-Switzerland Tax Treaty.

The parliamentary secretary said the renegotiation of this treaty will help identify those Pakistanis who have illegally stashed away their money in the Swiss banks.

Many politicians, including former president Asif Ali Zardari, have been accused of using Swiss banks to launder $12 million of illegal kickbacks.

The Supreme Court of Pakistan had ordered the previous government of the Pakistan People’s Party to write a letter to the Swiss banks to recover the money and the court later suspended the then prime minister Yousaf Raza Gillani for not following the verdict.