logo
Corruption woes

Corruption woes

Express Tribune11-02-2025

Listen to article
Pakistan's ranking on Transparency International's Corruption Perception Index 2024 has once again slipped, from 133 in 2023 to 135 out of 180 countries. While a decline of two spots may seem marginal, it is symptomatic of a deeper malaise that has long plagued the country's governance and economy.
Since 1997, Pakistan's CPI scores have fluctuated, but the broader trend has remained discouraging. The highest score recorded was 2.7 in 1998, while the lowest dip to 2.1 came in 2004 and 2005. Decades later, the needle has barely moved in a positive direction.
Globally, corruption remains rampant, with more than two-thirds of the world's nations scoring below 50 out of 100 - a stark reminder of how entrenched the problem has become. It weakens governance, deters investment, exacerbates inequality and leaves nations struggling to find footing. For Pakistan, what makes this year's decline even more concerning is that Pakistan, despite holding up against the regional downslide, still finds itself on a downward trajectory. While countries like Oman, China, Turkiye, and Mongolia managed to either stabilise or improve their positions, Pakistan has once again failed to make meaningful progress. Pakistan's fight with financial mismanagement and political patronage continues to impede development. Despite repeated promises by successive governments to curb corruption, anti-corruption efforts are often selective, politically motivated or short-lived. Institutions meant to ensure accountability, such as FIA and NAB, have long been used as coercive tools rather than independent bodies committed to upholding integrity.
Without genuine accountability mechanisms and an end to selective justice, Pakistan will continue its downward spiral, both in corruption ranking and in the confidence of its own people. The law must be applied equally, without regard for political affiliations, military influence or bureaucratic status.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Conflict with India: PM forms commission to assess damages
Conflict with India: PM forms commission to assess damages

Business Recorder

time2 days ago

  • Business Recorder

Conflict with India: PM forms commission to assess damages

LAHORE: Prime Minister Shehbaz Sharif has formed a high-level commission to assess the damages incurred during the Pakistan-India conflict. According to the official statement, Prime Minister Shehbaz Sharif appointed Interior Secretary Muhammad Khurram Agha as the head of the 15-member high-level commission, while FIA Director General Rafat Mukhtar has been designated as the convener. The commission also includes the additional chief secretary of Azad Kashmir, the home secretary of Punjab, and several other officials. Additionally, DIG Operations Punjab Waqas Nazir, DIG Security Kamran Adil, and DIG Special Branch Azad Kashmir Hassan Qayyum have been appointed as commission members. Punjab Prosecutor General Syed Farhad Ali Shah and the director general of the IC for Human Rights are also part of the commission. As per the statement, the commission will submit its report to the PM within 30 days. It will collect data on civilians martyred or injured during the Pakistan-India conflict and gather evidence from the crime scenes under international law. The statement further notes that the high-level commission will also oversee the preparation of forensic reports. The commission will have full authority to examine any additional evidence. The Ministry of Interior will be responsible for providing full support and facilities to the commission. The commission will also collect information regarding the design and operational methods of Indian weapons.

FIA 'uncovers' multibillion-rupee scam
FIA 'uncovers' multibillion-rupee scam

Express Tribune

time2 days ago

  • Express Tribune

FIA 'uncovers' multibillion-rupee scam

The Federal Investigation Agency (FIA) Commercial Banking Circle Islamabad has registered a case involving a multibillion-rupee scam operated through call centres and arrested a woman and a bank manager. According to sources, a network of call centres was revealed in a State Bank of Pakistan report, which highlighted suspicious transactions worth billions of rupees from the accounts of 36 companies. Following an inquiry, the FIA filed a case and arrested a woman named Nida and a private bank manager allegedly linked to the network. The network reportedly includes over six individuals, among them two Chinese nationals. Sources indicate that the criminal enterprise collected funds through illegal online activities, including gambling, loan apps, call centres, fraudulent investment schemes, and pornographic content platforms. These funds were then funneled abroad using various channels such as hawala and hundi, and converted into cryptocurrency. Investigations are also underway into potential involvement of FIA and cyber crime officials. When contacted by The Express Tribune for comment, the FIA spokesperson did not respond. However, a senior FIA officer, speaking on condition of anonymity, confirmed the registration of the case and ongoing raids for further arrests.

Legal gaps in crypto adoption
Legal gaps in crypto adoption

Business Recorder

time6 days ago

  • Business Recorder

Legal gaps in crypto adoption

EDITORIAL: Pakistan's push to embrace cryptocurrency has seen the government take a host of measures over the last few months to promote the adoption of digital assets like Bitcoin. From the establishment of the Pakistan Crypto Council and appointing entrepreneur Bilal bin Saqib as its CEO with the status of minister of state, to allocating 2,000MW of surplus electricity for Bitcoin mining and the finance minister's declaration that Pakistan wishes to be a leader in this space, all reflect a coordinated effort to position the country at the forefront of the digital economy. What completely boggles the mind, however, is that amid this enthusiastic drive for crypto adoption, one basic fact has been persistently overlooked: cryptocurrency remains illegal in Pakistan. All transactions involving such assets are prohibited under current regulations, and anyone dealing in these currencies is liable to be investigated by the Financial Monitoring Unit and the FIA. This was made clear in no uncertain terms by senior officials of the State Bank of Pakistan and the finance ministry during a meeting of the National Assembly's Standing Committee on Finance and Revenue on May 29. Finance Secretary Imdadullah Bosal's categorical statement that 'crypto is not a legal tender in Pakistan' is something that casts a long shadow over the government's recent actions in this space. It highlights a shocking lack of policy coherence and prompts broader questions about the prudence of promoting crypto initiatives without first putting in place a clear legal framework. The result is a climate of confusion and uncertainty, leaving investors, regulators and the public unsure of the government's true policy direction and intent behind these contradictory signals. While some of the government's moves in this space may be seen as attempts to garner influence with the Trump Administration, which includes strong advocates of cryptocurrency, its actions appear to go beyond merely symbolic gestures. At the recent 2025 Bitcoin Conference held in Las Vegas, for instance, Bilal bin Saqib unveiled Pakistan's first government-led Strategic Bitcoin Reserve, intended to hold digital assets in state custody as a sovereign reserve. This, along with other initiatives, suggests a clear intent to integrate crypto into national economic strategy despite the legal and regulatory contradictions, and the inherent risks of embracing an asset class, which thus far has been known for its volatility, lack of effective oversight mechanisms and susceptibility to speculative bubbles. The fact of the matter is that cryptocurrency is not considered legal tender in most countries of the world, including in the US. There is still little regulatory clarity to the cryptocurrency space in most jurisdictions, with it long having operated on the fringes of the mainstream global financial system due to its volatile nature, resistance from central banks and limited mainstream adoption by businesses. This is not to say that cryptocurrencies cannot achieve legitimate adoption in a safe and regulated manner that preserves financial stability. But for that to happen, governments would need to establish clear regulatory frameworks that address consumer protection, financial stability risks and anti-money laundering concerns while fostering innovation. In Pakistan's case, crypto adoption demands carefully crafted regulations that balance risk — particularly regarding capital flight — with opportunities for financial inclusion and improved remittance flows. Given our fragile economic position and IMF commitments, we must proceed cautiously by first establishing a clear regulatory framework developed through collaboration between blockchain specialists, technologists and economic managers who understand both our economic challenges and risks of crypto adoption. The current approach of haphazard adoption without proper legal safeguards creates dangerous uncertainty: it encourages public investment in an illegal asset class, exposing citizens to potential legal consequences, and leaves our economy vulnerable to capital flight and money laundering risks. The government must rethink this blind embrace of crypto and first build legal guardrails before proceeding further. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store