Pakistan (PK)

Jurisdiction Overview

IDQuestionAnswer
360 *Are there criminal sanctions, custodial sentencing or any other statutory sanctions for breaches of banking secrecy? Unknown
 Data Date: 2019

Notes

 
The 2016 Global Forum report does not provide any information relating to bank secrecy provisions in Pakistan (GF 2016: 64). However, according to the State Bank of Pakistan, Banking Policy and Regulations Department "any deviation from Section 33A including the above-mentioned instructions shall render the concerned bank / DFI and delinquent officials liable for penal action under the relevant provisions of the Banking Companies Ordinance, 1962" (Circular 8 of 2018). Moreover, banking secrecy provisions in Pakistan seem to have restricted dissemination of banking information to the tax and other competent authorities (Daily times, 2019). Nevertheless, no information was found on the specific penalties applicable for the violation of banking secrecy.

Sources

GF 2016: 64
 
https://dailytimes.com.pk/373878/banking-secrecy-and-benami-law/
 
State Bank of Pakistan, Banking Policy and Regulations Department, Circular 8 of 2018.
 
http://www.sbp.org.pk/bprd/2018/C8.htm