Illicit financial flows devastate economies of developing counties: PM

Kiani /Karrar – September 26, 2019

Prime Minister Imran Khan says West should do more to treat the plundered money from developing countries in the same way as it treats drug money or terror financing. 

Addressing High-Level Dialogue on Financing for Development on the sidelines of 74th Session of the UNGA in New York, he said illicit financial flows devastate the economies of developing counties.  He said people in rich world do not realize the impact it is having on causing poverty, destruction and lack of human development in the developing world.

The Prime Minister said when his government took power, it inherited a huge debt and in the previous ten years it was increased by four times due to corruption of political elite. He said most of the plundered money was laundered and sent abroad to invest in foreign bank accounts, properties in western capitals and offshore accounts.

Imran Khan said we have been trying our best to retrieve the looted money but our efforts are hampered by legal lacunas and other issues in this process. He said had that money was spent on education, health and other facilities of life for public, the quality of life would have significantly been improved in our country.

The Prime Minister regretted that there is a lack of political will in the richer countries to help return the wealth plundered by corrupt politicians of developing world. He said it not only deprives a developing country of its vital resources, but it is also not a deterrent against corruption. So, corrupt elite from poorer countries invests the looted money in advanced world without any fear of accountability.

Imran Khan said no matter what aid goes from richer countries to poorer countries is minuscule in comparison with the money looted by corrupt elements and stashed in offshore accounts. The Prime Minister questioned why offshore tax havens exist in this day and time?

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