PDP for strengthening regulatory institutions to end corruption
He said that strengthening regulatory bodies is a crucial step in combating corruption because it enhances their ability to detect, prevent, and punish corrupt practices. He said that stronger regulatory bodies have better resources like technology and personnel, finding to monitor government and private sector activities. They can conduct regular audits, inspections, and real-time tracking to reduce opportunities for corruption.
He said that empowered regulators can impose harsher penalties like fines, bans, and prosecutions on corrupt individuals and organizations. He said the fear of consequences deters potential wrongdoers. It also helps in reduced discretionary powers. He said transparent procedures minimize officials' ability to exploit loopholes for bribes or favouritism. He said automation of processes like e-governance reduces human interference.
He said strong regulators ensure safe channels for whistle blowing or reporting corruption without retaliation. He said this public trust increases, encouraging more people to expose wrongdoing.
Altaf Shakoor said mandatory disclosures like asset declarations and open contracting make transactions traceable. He said that probe bodies should be depoliticized, as the independent anti-corruption agencies can investigate impartially. He said that robust regulators can collaborate across borders to tackle money laundering, tax evasion, and illicit financial flows.
He said we should replicate the models of successful international anti-corruption bodies, like Singapore's Corrupt Practices Investigation Bureau (CPIB), whose strong legal powers and zero-tolerance policies have kept corruption low. He said another example is Estonia's Digital Governance, which has reduced bureaucratic corruption via transparent e-services.
PDP Chairman suggested that political interference in regulatory bodies must be eliminated. He said adequate funding and training are essential for effectiveness. He said by making regulatory bodies independent, well-resourced, and transparent, our government can significantly curb corruption and promote fair governance.
Altaf Shakoor demanded legal & institutional reforms to enhance independence of regulatory bodies. He asked to pass laws to insulate regulators from political interference, create autonomous oversight bodies, update anti-corruption laws, and criminalize bribery, embezzlement, and illicit enrichment explicitly.
He asked to strengthen whistleblower protection laws, besides capacity building, better training and more funding for the regulatory authorities.
He suggested adopting modern technology AI, block chain for audits. He asked for training of their staff in forensic accounting, cyber-investigations, and international anti-money laundering (AML) standards. He asked the ruling and opposition political parties to support these initiatives to give our society a better good governance.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 days ago
- Business Recorder
Digital economy & virtual assets: Pakistan takes a giant leap
KARACHI: Pakistan took a significant step forward in its digital transformation journey, as leaders from government, finance, and technology came together at the National Incubation Center (NIC) Karachi for a high-profile event focused on the future of digital economy and virtual assets. The event, jointly organized by REIT Academy Pakistan, IRADAM, and Blockanica Technologies, featured keynote addresses, panel discussions, and stakeholder engagement on blockchain innovation, asset tokenization, and the regulatory roadmap for digital finance in Pakistan. Delivering the headline address, Khurram Schehzad, Advisor to the Minister for Finance & Revenue, outlined the government's vision and decisive steps toward a regulated, innovation-ready digital finance framework. He credited Finance Minister Senator Muhammad Aurangzeb for spearheading reform by establishing the Pakistan Crypto Council (PCC) and championing the recently enacted PVARA Ordinance 2025, which formalizes the virtual assets regime in Pakistan. 'We're not just experimenting with crypto-we are building the foundations of a secure, Shariah-aligned, and forward-looking digital economy and virtual assets ecosystem,' Schehzad said. 'This includes clear regulations, robust compliance, and greater financial inclusion.' He emphasized coordination across key regulators including the Ministry of Finance, State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), Ministry of IT, and Ministry of Law, noting that Pakistan is aligning its policies with AML/FATF guidelines while building trust through institutions like SBP and SECP. He also highlighted the government's broader economic strategy, which includes privatization of major SOEs including PIA, ZTBL, and DISCOs during FY26, pensions and rightsizing of Federal Government, energy and tax reforms with digitization and public finance optimization and climate adoptions. In the meanwhile, Pakistan's pioneering Real Estate Tokenization (RET) Management and Issuer Company has announced successfully completion of its blockchain-based Distributed Ledger Technology (DLT) testing under the SECP Regulatory Sandbox. Reinforcing Pakistan's commitment to innovation and education in this domain, Khurram Schehzad also formally inaugurated the Real-World Asset (RWA) Tokenization Academy, launched in partnership with NIC Karachi, IBA CEIF, Barsols Legal Chamber, and Blockanica Technologies. The Academy aims to build local expertise and foster innovation in this emerging field. The event featured thought leaders including Nasim Beg (Arif Habib Consultancy), Ali Farid Khawaja (CeDAR), Humza Khan (Binance), Ayaz Uqaili (Sindh IT), and Azfar Hussain (Director, NIC Karachi), who hosted the event and underscored NIC's role in enabling frontier technologies and digital entrepreneurship. These leaders emphasized Pakistan's large crypto-ready user base, job creation potential, and the urgency of investor protections. Panelists discussed the evolving legal framework under PVARA, the launch of the Digital Nation Act, and the mechanics of blockchain-based real estate tokenization, led by representatives from DigiEstate and NextchainX. The event concluded with optimism as Khurram Schehzad reiterated Pakistan's commitment to a globally competitive, locally relevant digital finance system: 'Pakistan has the adaptability, the user base, and the investor interest. What we're building now is the governance, trust, and infrastructure to match it.' Copyright Business Recorder, 2025
Business Recorder
7 days ago
- Business Recorder
PDP urges Sindh govt to revive KTC
KARACHI: Commenting that Lahore is getting electric tram system while Karachi lacks even a proper bus-based transport system, Pasban Democratic Party (PDP) Chairman Altaf Shakoor has demanded from the Sindh government to revive Karachi Transport Corporation (KTC) and bring its 200 plus buses back to roads on urgent basis, besides establishing an integrated bodies to resolve the public transport issues of the megacity. He said resolving Karachi's public transport issues require a multi-faceted approach, addressing infrastructure, governance, funding, and urban planning. He said several KTC bus depots are present with workshops and hundreds of old buses parked there. He said these depots and old buses could be repaired and run on roads. He said a revived KTC is the easiest solution to help resolve public transport issues of Karachi. The megacity needs integrated mass transit systems. He said the government should complete and extend existing BRT lines including Green Line and Red Line to cover more areas. He said revival of Karachi Circular Railway (KCR) is a must. The federal government and its railways department should modernize and operationalize KCR with electric trains, connecting key hubs. He asked to introduce underground/subway lines in high-density areas like Saddar, Gulshan and Nazimabad. He urged to improve the existing transport modes and regulate private buses & minibuses. He asked for enforcing route permits, fare controls, and safety standards. He asked to revamp KTC), and reinstate government-run buses with GPS tracking and fixed schedules. He said Karachi needs dedicated Bus Lanes, as congestion can be reduced by allocating exclusive lanes for buses. Copyright Business Recorder, 2025
Business Recorder
21-07-2025
- Business Recorder
PDP for building Karachi-Hyderabad, Karachi-Keti Bander corridors
KARACHI: Megacity Karachi is facing acute joblessness and to mitigate it, the government should construct the proposed Karachi-Hyderabad and Karachi-Keti Bander industrial corridors on priority, said Pasban Democratic Party (PDP) Chairman Altaf Shakoor here Sunday. He said industrial corridors are crucial drivers of economic development and infrastructure growth, as they stimulate large-scale industrial development by providing planned infrastructure. They attract domestic and foreign investment, boosting GDP and employment. They promote cluster-based development where industries benefit from being located near each other. Altaf Shakoor said these corridors involve world-class roads, railways, ports, and power supply, improving connectivity and thus lead to development of smart cities, logistics hubs, and industrial parks. They help in decongesting major cities by promoting growth in lesser-developed regions. He said new industries and infrastructure projects create millions of direct and indirect jobs, and support skill development through training centers and vocational institutions. They also spur urbanization in a planned manner, preventing chaotic city expansion. He said industrial corridors are PPP-friendly (Public-Private Partnership), promoting efficiency and innovation. They create policy frameworks and single-window clearances that make it easier to do business. He urged the government to study various models of industrial corridors particularly the Delhi-Mumbai Industrial Corridor (DMIC). He said Karachi is suitable for industrial corridors due to port access, existing Industrial base, and availability of skilled labour, suppliers, and service providers. Karachi is already linked to national highways (N-5, Super Highway/M9) and railway lines. He said the proposed Karachi-Hyderabad Industrial Corridor would be connecting the existing industrial areas and developing new ones along the Super Highway (M-9). He said the proposed Karachi–Keti Bandar corridor will link Thar's coal resources to a new seaport at Keti Bandar, along with rail, power, and industrial infrastructure. He said this project has been under active consideration under CPEC (China Pakistan Economic Corridor) frameworks since 2016, but now it is time to implement this highly important project. He said this corridor would complement Karachi's industrial ecosystem in a great way. He said this project has already been officially recognized under CPEC and has past feasibility, but now needs serious execution commitment, sustainable environmental planning, and private public coordination to move from paper to reality. Copyright Business Recorder, 2025
