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HomeNewsFormer PM IK's established Asset Recovery Unit recovers Rs426.4 billion

Former PM IK’s established Asset Recovery Unit recovers Rs426.4 billion

According to data compiled by the Cabinet Division this month, the Assets Recovery Unit (ARU) has recovered billions of money. ARU, was established by former Prime Minister Imran Khan. He wanted to bring looted money from Pakistan and stored within other nations back to Pakistan. ARU has helped to collect Rs426.4 billion during the last three years.

According to the Cabinet Division’s yearbook for 2020-21, over Rs334 billion was recovered in the past fiscal year alone. The report was prepared by in May 2022.

When was it Setup?

In September 2018, the ARU was established to “provide a forum” for law enforcement agencies, the National Accountability Bureau (NAB), the Federal Investigation Agency (FIA), the Financial Monitoring Unit (FMU), and provincial anti-corruption establishments (ACEs). With the aim to “trace new cases and track all existing cases targeting eventual repatriation of unlawfully acquired offshore assets.”

According to the records, the Federal Board of Revenue (FBR) established liabilities and made recoveries that were “off the charts” in light of several inquiry panels set up by the federal government.

In FY21, the revenue agency recovered Rs5.6 billion in taxes on overseas assets. Including properties in UAE and the United Kingdom, as well as assets identified in the Panama Papers and Paradise Papers.

As per the documents, Recoveries of Rs30bn were also directly attributed to the ARU.

They went on to say that the Financial Monitoring Unit had been re-energized to guarantee that suspicious transactions were reported to law enforcement agencies in a timely way, allowing them to combat money laundering in compliance with their national laws.

“Assets Recovery Unit continues to liaise with the National Crime Agency of UK and other foreign governments to enter into legal instruments and MoUs to get the unlawfully acquired offshore assets repatriated to Pakistan.”

The ARU was a major part of the PTI’s platform. It was also former Prime Minister Imran Khan’s initial electoral promises.

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