Islamabad for return of stolen assets to developing countries

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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.

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