ECOSOC Chief Urges Dismantling Of 'safe Havens' Receiving Illicit Money
Mohammad Ali (@ChaudhryMAli88) Published February 25, 2021 | 10:00 PM
The President of the United Nations Economic and Social Council (ECOSOC), Ambassador Munir Akram of Pakistan, has called for targeting loopholes in the global financial structures and institutions that allow illicit financial transactions, posing big socio-economic challenges to developing countries
UNITED NATIONS, (UrduPoint / Pakistan Point News - 25th Feb, 2021 ) :The President of the United Nations Economic and Social Council (ECOSOC), Ambassador Munir Akram of Pakistan, has called for targeting loopholes in the global financial structures and institutions that allow illicit financial transactions, posing big socio-economic challenges to developing countries.
"As a first step existence of 'safe havens' that receive such illicit money must be dismantled," he said in his opening remarks at the virtual launching ceremony of the Final Report of the High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Development Agenda (FACTI Panel).
Noting that every year trillions of Dollars flow out of developing countries due to the activities of criminals, corrupt politicians and officials as well as tax evaders, the Pakistani envoy said that the fact it was taking place during the time of economic recession, triggered by the coronavirus pandemic, was nothing short of criminal.
Ambassador Akram said if these flows were halted, and the stolen assets returned, the developing countries would be able to meet the estimated $ 4.3 trillion, which they need to recover from the Covid crisis and achieve the Sustainable Development Goals (SDGs).
"No country can fight this menace alone; it is a systemic problem and requires systemic solution," ECOSOC chief said.
"I will urge all 'haven' countries as a first step to unconditionally and expeditiously return the stolen assets and eliminate the laws and regulations and institutions that enable us to go to safe havens," adding that enablers of corruption and crimes and illicit flows such as lawyers, accountants, and financial institutions need to be criminalized.
The ECOSOC chief fully endorsed the panel's suggestion to create a "value" system that encourages honesty, integrity and transparency in all financial transactions by strengthening policy framework and relevant national and international regulations laws and institutions the panel has provided a framework for action.
"I agree with the panel's assessment that there is a need for an international pact for implementing financial integrity for sustainable development," Ambassador Akram said.
He also supported the creation of a forum under the United Nations to coordinate all bodies dealing with various aspects of the illicit financial flows.
As President of the Economic and Social Council, he said he had dedicated a segment of the 2021 financing for development forum on illicit financial flows to consider the 14 recommendations of the FACTI panel.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 10 May 2024
Today Gold Rate in Pakistan 10 May 2024
London, Frankfurt stocks hit record highs on rate-cut hopes
May 9 culprits must be brought to logical end: Hanif Abbasi
Sanchez escapes through dust and gravel for nervy Giro triumph
Balochistan Assembly passes resolution to condemn May 9 attacks
Spain govt vows to block hostile BBVA bid for rival bank
NADRA holds open court to resolve public issues in Quetta
In south Brazil, race on to deliver aid ahead of new storms
Appeals against cipher case verdict adjourned till May 15
PIPS collaborates with CfP to enhance technological, educational infrastructure
China launches new satellite
More Stories From Pakistan
-
Dense clouds changes Peshawar City’s hot weather
11 minutes ago -
Four profiteers held
11 minutes ago -
Factory sealed for substandard production of pickle, marmalade
21 minutes ago -
FIA Peshawar zone conducted major operations against fake drugs
31 minutes ago -
Man shot dead by unkonwn assistant
41 minutes ago -
Mohsin Naqvi directs to complete construction work of Model Jail in Islamabad
41 minutes ago
-
Capital gears up to embrace plastic free environment
3 hours ago -
Pak Army's sacrifices foundation of security, responsible for May 9 must be penalized: Channar
11 hours ago -
Pakistan’s progress linked to adherence to Constitution: Fazl
11 hours ago -
People express solidarity with armed forces of Pakistan
11 hours ago -
People offered prayers on demise of Balochistan Governor’s nephew
11 hours ago -
May 9 incident deep-rooted conspiracy: CM Sindh
12 hours ago