The Hascol and NBP scandal has highlighted many things. Besides the weak internal security for avoiding such huge loans by government-owned banks, the fiasco has also highlighted how stolen money is siphoned off to UAE.
UAE has clearly become the favourite location for criminals and stolen wealth. Pakistan’s government should take this matter up with the UAE government and ask them to return stolen wealth and arrest the Pakistani criminals living in UAE. A central agreement between the two countries for a clear mechanism of highlighting criminals and stolen wealth and their timely return to Pakistan should be agreed upon between the two brotherly nations.
This will deter future criminals and money transfers to UAE and will also help the UAE rid of criminals from their country, while Pakistan’s government will be able to recover the significant stolen wealth.
SHAHRYAR KHAN BASEER
PESHAWAR
