PM Urges UN To Take Lead In Efforts To Build Global Framework For Stemming Illicit Financial Flows

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Sep, 2020 ) :Prime Minister Imran Khan, while referring to the robust anti-money laundering and anti-terrorist financing regimes, called upon the United Nations General Assembly to take the lead in efforts to build a global framework for stemming the illicit financial flows and ensure speedy repatriation of stolen wealth.

"The rich states cannot hold forth on human rights and justice when they provide sanctuary to money launderers and their looted wealth," he said while addressing the rare virtual 75th Session of the UN General Assembly.

The prime minister said in his address to the General Assembly last year, he had highlighted the tremendous damage that illicit financial flows from developing countries to rich countries and to offshore tax havens caused.

"This leads to the impoverishment of the developing nations. Money that could be used towards human development is siphoned off by corrupt elites.

The loss of foreign exchange causes Currency depreciation that in turn leads to inflation and poverty," he added.

Imran Khan said the quest for getting back those stolen resources was nearly impossible, given the cumbersome procedures.

"Moreover, the powerful money launderers have access to the best lawyers. And sadly, because they are the beneficiaries, there is a lack of political will in the rich countries to curb this criminal activity," he added.

The prime minister said if that phenomena was unaddressed, it would continue to accentuate the inequality between the rich and the poor nations, and eventually would spark off a far bigger global crisis than the present migration issue posed.

"It is important to realize that the aid that flows from rich countries to the developing world is miniscule compared to the massive out-flows by our corrupt elites," he stressed.

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