World Bank Denies Reports about Nawaz Sharif laundering USD 4.9 Billion to...

World Bank Denies Reports about Nawaz Sharif laundering USD 4.9 Billion to India

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National Accountability Bureau (NAB), yesterday ordered an investigation against Nawaz Sharif and others involved after reports of his involvement in the money laundering emerged on the media.
The World Bank has declared the media reports that claimed Nawaz Shareef’s involvement in money laundering in India as invalid. The report to allege that former prime minister laundered nearly 4.9 billion USD to India.

Pakistan’s top most anti-corruption body, National Accountability Bureau (NAB), yesterday ordered a critical investigation against the former prime minister and others involved after reports of his involvement in the money laundering emerged in the media.

In a statement, the representatives of World Bank said that, “In the past day, there have been media reports citing the World Bank’s Remittances and Migration Report of 2016. These media reports were incorrect.”

The World Bank’s Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world, it said.

“The report does not include any mention of money laundering nor does it name any individuals,” added the representative of World Bank, which was claimed after media reports published its annual report for allegations that Sharif laundered USD 4.9 billion from Pakistan to India, calling it impossible in every condition.

 

The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of USD 4.9 billion in remittances from Pakistan to India which are dated to September 21st, 2016, and provides an extensive explanation of the method used in the World Bank report.

 

“These media reports were incorrect,” the bank said. “In this report, the World Bank estimates bilateral remittances between countries using the methodology summarized in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report.” The central bank, then refuting the World Bank’s estimate following the release of the report, termed the study “flawed”. “SBP categorically rejects such estimates as these are contrary to facts and do not make sense,” the State Bank of Pakistan (SBP) said in a rebuttal then.

 

This is not the first time NAB has claimed something which was opposed by an International body, however we’re yet to hear a response from them to the World Bank.

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