Western countries need to stop illegal money coming into their countries: PM Imran Khan

Addressing a high-level panel on Financial Accountability, Transparency and Integrity (FACTI) on the side-lines of the ongoing United Nations General Assembly session, the premier said the world community must take decisive actions to stop this bleeding of the poor and developing countries.

PM speech

Prime Minister Imran Khan on Thursday called upon the international community to take steps to counter illicit flows of money, saying the stolen assets of developing countries must be returned. FACTI 

PM addresses panel on FACTI

Addressing a high-level panel on Financial Accountability, Transparency and Integrity (FACTI) on the side-lines of the ongoing United Nations General Assembly session, the premier said the world community must take decisive actions to stop this bleeding of the poor and developing countries.

He said Pakistan appreciated the initiative by Nigeria and Norway to establish the panel on international financial accountability.

Noting that billions of dollars illicitly flow out of developing countries each year, he said his government had come with a robust public mandate to get rid of this menace from our country.

Read More: Pakistan eagerly awaits President Xi’s visit: PM Imran

The PTI government mandate 

He said although the PTI government had taken several initiatives domestically, what is required is the strengthening of international cooperation to bring perpetrators of financial crimes to justice.

The event was convened to present the interim report of the FACTI panel, which identifies the major gaps in the implementation and the systemic shortcomings of the existing international frameworks for tax cooperation, anti-corruption and anti-money laundering”, the Prime Minister’s Office said on Twitter.

The event provided a forum to discuss priority actions on identified challenges, particularly in light of the impact of the Covid-19 crisis on progress towards the implementation of the 2030 Agenda for Sustainable Development.

Munir Akram, Pakistan’s Permanent Representative to the UN and president of the Economic and Social Council, was also expected to speak during the session.

What is Financial Accountability, Transparency and Integrity (FACTI) panel?

The High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda aims to contribute to the implementation of the 2030 Agenda for Sustainable Development by:

Reviewing current challenges and trends related to financial accountability, transparency and integrity;

Reviewing existing international institutional and legal frameworks related to financial accountability, transparency and integrity, with a view to identifying any gaps, impediments and vulnerabilities in their design and/or implementation, including with regard to their comprehensiveness, effectiveness and universality;

Making evidence-based recommendations, building on the successes and ongoing work of existing mechanisms, on:

How to make the systems for financial accountability, transparency and integrity more comprehensive, robust, effective, and universal in approach;

Ways to address identified gaps, impediments and vulnerabilities, including by: (i) strengthening the implementation of existing mechanisms, standards and commitments; (ii)  improving existing international frameworks related to financial accountability, transparency and integrity, where possible; (iii) exploring the need for, and feasibility of, establishing additional international instruments or frameworks, where warranted; and (iv) governance arrangements to match the challenges; and

Ways to strengthen international cooperation, including through existing bodies, that will enhance capacity to implement the recommendations.

 

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