World Bank denies reports that Pakistan ex-PM Nawaz Sharif laundered $4.9 billion to India

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Washington | Published: May 9, 2018 2:29:11 PM

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 on September 21, 2016, and provides an explanation of the methodology used in the World Bank report and the official remittances numbers.

The World Bank has denied as “incorrect” media reports in Pakistan that former prime minister Nawaz Sharif allegedly laundered USD 4.9 billion to India.

The World Bank has denied as “incorrect” media reports in Pakistan that former prime minister Nawaz Sharif allegedly laundered USD 4.9 billion to India. Pakistan’s top anti-corruption body, National Accountability Bureau, yesterday ordered a probe against the embattled former prime minister and others after reports of his involvement in the money laundering emerged in the media. The World Bank in a statement said, “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,” said the World Bank, which was issued after media reports cited its annual report for allegations that Sharif laundered USD 4.9 billion from Pakistan to India.

In its annual report, the statement said that the World Bank estimates bilateral remittances between countries using the methodology summarised in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report. 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 on September 21, 2016, and provides an explanation of the methodology used in the World Bank report and the official remittances numbers.

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