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Business

Web Desk
May 8, 2018
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World Bank says reports on Nawaz Sharif’s money laundering to India are incorrect

ISLAMABAD: World Ban has dismissed media reports claiming that former prime minister Nawaz Sharif had laundered $4.9 billion to India to increase New Delhi’s foreign reserves.

“In the past day, there have been media reports citing the World Bank’s Remittances and Migration Report of 2016. These media reports were incorrect,” a statement issued by the World Bank said.

“The World Bank’s Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world. The report does not include any mention of money laundering nor does it name any individuals,” it said, sharing the link of its report.

“In this report, the World Bank estimates bilateral remittances between countries using the methodology summarized in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report.”

“We would also like to refer to a statement by the State Bank of Pakistan SBP rejects estimates of US$4.9 billion remittances from Pakistan to India on September 21, 2016, refuting the $4.9 billion remittances number and providing an explanation of the methodology used in the World Bank report and the official remittances numbers.”

The clarification came hours after National Accountability Bureau (NAB) said it would open an enquiry into claims thatNawaz Sharif laundered $4.9 billion to India that increased New Dehli’s foreign reserves.

According to a statement, NAB Chief Justice Javed Iqbal notice of reports that former minister Nawaz Sharif transferred $4.9 billion illegally to bank account of Indian government.

The statement added that the fact was stated in World Bank’s ‘Migration And Remittances Factbook 2016’ report.

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