Chief Justice of Pakistan Asif Saeed Khan Khosa has made it clear that a bank account cannot be opened until the involvement of bank officials. CJP maintained that the role of bankers in opening fake bank accounts for money laundering is important.

The CJP passed the statement while hearing a case related to opening of fake accounts. The apex court was hearing the case on the plea submitted by Senior Assistant Bank Mohammad Anwar.

Pakistan is facing an economic crisis and money laundering through fake bank accounts is one of the main reasons behind the country’s ongoing economic crisis. As per media reports, during the hearing, the CJP stated that carrying out transactions through fake accounts is a huge crime.

The CJP elaborated that an account was opened with RS100,000 and somehow turned the amount into Rs900,000. The lawyer of the accused said that his client had opened accounts in different branches of the same bank. The CJP said that the accounts are not opened without a verification process and a three-year sentence was quite less in the case.

Former President Asif Ali Zardari is also accused on money laundering through creating fake bank accounts. He has been arrest by the National Accountability Bureau (NAB) after his bail plea was rejected by the Islamabad Hugh Court (IHC). It is believed that the former president misused his authority and helped creating fake bank accounts which caused heavy losses to the national exchequer.

Sources said that Zardari is to be interrogated in the fake bank accounts case, on the basis of interrogation and relies on a supplementary reference which may be filed against him. So far, the NAB has arrested 12 key men of Zardari in the fake bank accounts scam, they include Muhammad Umair, Muhammad Arif Khan (Suspicious transactions in the accounts of titled A One International, Summit Bank) Abdul Jabbar, Muhammad Shabbir (M/s Pink Residency), Sher Ali (HBL), Muhammad Farooque Abdullah (Ex-Area Manager and Branch Manager HBL—M/s Parthenon Private Limited of M/s Park Lane Estate PVT Ltd), and others.

On the Contrary, combating terror financing and money laundering are crucial priorities for Pakistan’s security and development, and the persistent weakness in this area is puzzling. To some extent, this weakness is structural. Pakistan has one of the world’s highest cash-to-bank deposit ratios in the world, meaning there is a massive informal sector where rackets thrive, and where channels for illicit financial flows are readily available. Law-enforcement and judicial authorities are new to the task of combating illicit financial flows, and it will take them time to develop the capacities required to carry out effective investigations and prosecution. But these weaknesses are not the full story. The use of illicit financial flows by powerful entities and individuals means there is ample protection available to those who operate these rackets. Ultimately, our security and development needs will require ending this relationship between power and black money altogether.

Pakistan is committed to stop the terror financing and money laundering to get out of the Financial Action Task Force’s (FATF) grey list. The said anti-terror watchdog has urged the country to take some serious measures to stop money laundering. Prime Minister Imran Khan welcomed the suggestions and maintained that it was in the best interest of the country to stop such illegal activities which cause heavy loss.

The incumbent PTI-led government is reportedly taking all possible measures in order to counter the challenge of fake bank accounts and money laundering.