ISLAMABAD: Prime Minister Imran Khan has asked the ‘haven’ countries to immediately and unconditionally return all foreign assets that are shown to be stolen or whose “legitimacy” cannot be explained.
He expressed his views while addressing the virtual launch event of the Final Report of the High-Level Panel on International Financial Accountability, Transparency and Integrity for achieving the 2030 Development Agenda on Thursday.
The Prime Minister urged the international community to take “quick, concrete” steps to control the flow of illicit money from developing countries to tax havens and to ensure the return of stolen assets. “It could have a transformational impact on their development prospects,” he added.
PM Imran referred to the Organisation for Economic Co-operation and Development’s (OECD) proposal to freeze and return the unexplained assets of foreign politically exposed persons, saying that it was “worthy of consideration”.
The premier said the United Nations should initiate various steps, including negotiations on the new international tax cooperation and anti- money laundering legal instruments.
He also called for the establishment of a UN Coordination, Adjudication and Mediation mechanism on illicit financial flows. “Pakistan will work actively with all like-minded countries to realize these vital objectives,” he remarked.
PM Imran also highlighted that during the presentation of the FACTI panel’s interim report in September last year, he had suggested several global policy actions including the immediate return of stolen assets and penalties on the financial institutions.
He expressed satisfaction that these suggestions were reflected in the panel’s final report launched today. The Prime Minister termed the illicit flow of money as a “systemic problem” that would require a systemic solution.
“The magnitude of the illicit financial flows is staggering. If recovered and returned, they could have a transformational impact on the development prospects of the developing countries,” he noted.
He reiterated that the recovery of stolen assets will enable the developing countries to eradicate poverty, reduce inequalities, build back better after the COVID-19 crisis, address climate change and strengthen human rights.
He also pointed out that said $7 trillion in stolen assets are parked in the financial “haven” countries. “The flight of these vast resources from the developing countries is a principal cause of their under-development, poverty, inequality and political,” he added.
