KSA warns UN of threat to global finances from illegal money movements

Sat, 2019-05-18 23:56

NEW YORK: Saudi Arabia has warned that illegal international movements of money posed a major global threat to the financial stability of countries and their sustainable development plans.
Speaking on behalf of the Kingdom at a high-level UN meeting, Bandar Al-Nahdi said urgent action was needed to combat what had become a growing problem.
Al-Nahdi, first secretary at the permanent mission of Saudi Arabia to the UN in New York and chairman of the finance and economic committee, told delegates that illicit financial flows were constantly increasing beyond detection.
He said this was distorting macroeconomic stability, creating severe complications for developing countries and denying them of the resources needed to advance their economic, social and cultural rights.
The official added that developing countries, and nations with economies in transition, should repatriate any assets of illicit origin under the terms of the UN Convention against Corruption, a legally binding international anti-corruption treaty.
In addition, Al-Nahdi stressed the need to prepare and finance development projects in accordance with national priorities, noting that illegal financial flows played a role in reducing resources to fund sustainable development and jeopardized economic, social and political stability, especially in developing states.
Tackling the issue without mechanisms being in place to measure the level of clandestine activities was a major challenge, the Saudi representative told the meeting, and he called for increased coordination and cooperation between states and their judicial authorities to force the return of funds from illicit sources to their country of origin.
Al-Nahdi added that the UN Agenda 2030 for Sustainable Development stressed the importance of significantly reducing illicit flows of funds and weapons by that year. The Addis Ababa Action Agenda plan, adopted at the Third International Conference on Financing for Development, considered that measures to curb illegal financial flows would be an integral part of achieving sustainable development.
In this regard he noted the importance of transparency among states and the continued efforts of various UN bodies.

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