Pakistan: ML/CFT challenges in trade
Huzaima Bukhari, Dr. Ikramul Haq Trade is used as an ally for money laundering by misdeclarations of goods, under-invoicing and over-invoicing—Justice Ayesha Malik, paper read at International Judicial Conference 2012. The Financial Action Task Force (FATF) in its document, FATF…
FATF, Pakistan & TBML
Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori There are three main methods by which criminal organisations and terrorist financiers move money for the purpose of disguising its origins and integrating it into the formal economy. The first is…
Cacophonic leadership!
Huzaima Bukhari “Great leaders create more leaders, not followers. Great leaders have vision, share vision, and inspire others to create their own”—Roy T Bennett The Light In the Heart A review of the last fifteen years of democratic rule in…
National FATAF Secretariat & FMU
Huzaima Bukhari, Dr. Ikramul Haq & Abdul Rauf Shakoori The mere claims of authorities dealing with Financial Action Task Force (FATF) and Asian Pacific Group (APG) for complying with 26 out of 27 action items agreed in June 2018 not…
Lower & predictable taxes for growth
Dr. Ikramul Haq The outdated and oppressive tax structures at federal and provincial levels have created further fiscal mess and how come out of it is discussed in Towards Flat, Low-rate, Broad and Predictable Taxes’ (PRIME Institute, Islamabad, published…
Knowledge sans wisdom
Huzaima Bukhari “Wisdom is the right use of knowledge. To know is not to be wise. Many men know a great deal, and are all the greater fools for it. There is no fool so great a fool as a…
Overriding ‘doctrine of mutuality’
Huzaima Bukhari & Dr. Ikramul Haq Through the Finance Act, 2021 [“the Act”], the Parliament has made an amendment with retrospective application to override the well-established principle that what is not “income” under the income tax law cannot be taxed,…
Taxing what is not “income”
Huzaima Bukhari & Dr. Ikramul Haq It is a cardinal principle that what is not “income” cannot be taxed under the income tax law (presently in operation is Income Tax Ordinance, 200I]. In Pakistan, a misconception prevails that National Assembly…
Will USA regain its lost legacy?
July 4 marks the Independence Day of United States of America Dr. Ikramul Haq July 4, 1776 has special significance in American history. The great liberation movement against colonial rule was pioneered in this land and founding-fathers of this historic…