UNITED NATIONS: Pakistan has urged the international community to ensure that the stolen assets of developing countries are fully returned to them.
In a statement before the Sixth Committee, a primary legal forum of the UN General Assembly, Pakistan on Thursday also demanded mandatory frameworks to counter ill practices, such as profit shifting to avoid taxation.
“The figures of stolen wealth from corrupt practices including bribery, tax evasion and money laundering are staggering — about $2.6 trillion annually,” said Pakistan’s representative Saad Ahmad Warraich while presenting the statement before the committee.
A UN panel reported recently that governments forfeit up to $600 billion in yearly tax revenue to offshore profit-shifting by multinational companies, on top of illicit monetary flows that ravage developing countries’ economies.
The report prepared last month, also noted that money laundering annually moves at least $1.6tr, or 2.7 per cent of the global gross domestic product, across borders. The UN High-Level Panel on International Financial Accountability, Transparency and Integrity, or FACTI, was formed in March with the goal of helping member states achieve sustainable development by 2030.