World must take steps to stop money laundering: PM Imran
The PM said around 1 trillion dollars is transferred every year through white collar crime.
ISLAMABAD (Dunya News) – Prime Minister Imran Khan on Thursday said that his government has given mandate to eradicate corruption and financial crime from the country.
Addressing a high-level panel on Financial Accountability, Transparency and Integrity (FACTI) on the sidelines of the ongoing United Nations General Assembly session on Thursday, he said that the international community should take steps to stop money laundering as billions of dollars are laundered every year from under-developed countries.
The prime minister said that around 1 trillion dollars is transferred every year through white collar crime.
Imran Khan said authorities in haven destinations must impose criminal and financial penalties on their financial institutions which receive and utilize such money and assets, adding that the enablers of corruption and bribery, such as accountants, lawyers and other intermediaries, must be closely regulated, monitored and held accountable. The beneficial ownership of foreign companies must be revealed immediately upon inquiry by interested and affected governments, he said.
The premier said 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 revenues from digital transactions should be taxed where the revenues are generated, not elsewhere.
PM Khan went on to say that unequal investment treaties should be discarded or revised and a fair system for adjudication of investment disputes set up, adding that all official and non-official bodies set up to control and monitor illicit financial flows must include all the interested countries. He said the United Nations should set up a mechanism to coordinate and supervise the work of the various official and non-official bodies dealing with illicit financial flows to ensure coherence, consistency and equity in their work.
He said 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. He said unless these steps are taken, the difference between the rich and poor will keep growing.
