Billions of dollars being laundered from developing countries, says Imran Khan
ISLAMABAD: Addressing a high-level panel of the United Nations on International Financial Accountability, Transparency and Integrity on Thursday through video link, Prime Minister Imran Khan proposed a nine-point agenda to resolve money laundering issue.
The prime minister said billions of dollars being laundered from developing countries. He suggested that the UN should set up a body dealing with illicit financial clouts. He said white collar criminals deprived underdeveloped countries of one trillion US dollars every year.
He said such laws should be constituted which could return money of poor countries. He said the Pakistan Tehreek e Insaf government was given mandate of eradicating financial crimes from the country.
PM Imran said the stolen assets of developing countries must be returned immediately. He said the authorities in haven destinations must impose criminal and financial penalties on their financial institutions which receive such money. He said the enablers of corruption and bribery must be closely regulated and held accountable.
“The beneficial ownership of foreign countries must be revealed immediately upon inquiry by the interested and affected governments. Multinational corporations must not be allowed to resort to profit shifting to low tax jurisdictions for avoiding taxation. A global minimum corporate tax could prevent this practice,” he said.
Imran Khan said revenues from digital transactions should be taxed where the revenues were generated, not elsewhere.
Unequal investment treaties should be discarded or revised and a fair system for adjudication of investment dispute set up, he maintained.
All official and non-official bodies set up to control and monitor illicit financial flows must include all the interested countries, he added.
PM Imran said the UN should set up a mechanism to coordinate and supervise the work of various officials and nonofficial bodies dealing with illicit financial flows to ensure coherence, consistency and equity in their work.
“The need of developing countries to protect and preserve their precious resources has become even more vital because of the recession triggered by COVID-19 pandemic.
“Finally, I would like to say that unless these steps are taken the difference between the rich and poor countries will keep growing the developing countries will become impoverished,” he said.