Mal-Practices of Corporate Governance in Pakistani Financial Institutions: Overview of Panama & Pandora Leaks

Abstract

Malpractices of corporate governance in Pakistan are identified in Panama and Pandora's papers published for secret gains. These leaks highlighted the names of Pakistan's personalities involved in financial crime, including tax evasion and money laundering. Further, there are certain allegations of financial crimes against the renowned personalities of Pakistan. Therefore, the matter is pivotal for Pakistan because of financial constraints due to the sanctions imposed by FATF. It is a need of the hour to look into this matter because our economy is on the ventilator due to financial crimes. Further, to understand how our institutions are dealing with financial crimes. For this research, the library and internet sources were used for data collection. The qualitative methodologies are adopted for this analytical and descriptive study, and data analysis is carried out through a critical analysis of the Pakistani legal framework. Therefore, this article has highlighted the issues related to governance and its impact on the economic system of Pakistan. Further, it is concluded that Pakistani institutions need statutory help preventing the increasing rate of mal-practices of financial transactions and white color crime in Pakistan.

Keywords: AML, FATF, FIA, FBR, NAB, Panama Papers, Pandora Leaks, SECP