Federal Finance Minister Shaukat Tarin among the current government’s prominent members named in Pandora Papers. (AFP/File) After regulators throughout the world began tightening down on global money flows, the privileged are devising novel ways to shield their assets from domestic scrutiny, altering the international finance secrecy business. This was exposed in the Pandora Papers, the newest and largest leak of offshore financial records ever, up to 12 million papers from businesses in offshore tax havens, containing information on the ownership of 29,000 offshore companies and trusts. The report includes the names of nearly 700 Pakistanis. Among the current government’s prominent members are Finance Minister Shaukat Tarin, Punjab Senior Minister Aleem Khan, PTI Senator Faisal Vawda, and PML-Q Leader and Federal Minister Monis Elahi. Finance Minister Shaukat Tarin responded to the revelations in the Pandora Papers by saying “no bank accounts were opened, no transactions took place, and the companies stood closed” on his official Twitter account shortly after the papers were made public. Additionally, the study mentions retired government officials, former and current bureaucrats, and businesses, including Axact and BOL TV owner Shoaib Ahmed Sheikh. Tarin and his relatives hold four offshore firms, according to the findings of the study. A financial adviser who handled the businesses’ paperwork, Tariq Fawad Malik, was quoted as saying that the companies were set up as part of the Tarin family’s intended investment in a Saudi bank. “In 2014, Tariq bin Laden’s M E Developers LLC sought to invest in Silkbank through a joint venture. They got In Principal approval from the SBP and then opened four offshore accounts to raise structured finance to raise funds,” the finance minister tweeted. According to him, Pakistan’s law and order situation had to be resolved first, and as a result, bin Laden decided not to invest there. “The offshore businesses mentioned were created as part of the fundraising process for my Bank,” Tarin stated in a statement. “No bank accounts were opened, no transactions took place and the companies stood closed,” he wrote.