Pakistan urges more global efforts to combat illicit financial flows
Pakistan on Saturday called for stepped up efforts to plug loopholes that impede the international community’s ability to combat illicit financial flows.

Speaking at the high-level meeting on International Cooperation to Combat Illicit Financial Flows at the United Nations, Pakistan’s ambassador Maleeha Lodhi said that the illicit financial flows were a key contributory factor for the economic underperformance of developing countries and a major obstacle to poverty eradication.

“Illicit Financial Flows have a catastrophic impact on societies; they stifle opportunities, deny vulnerable people access to infrastructure, and condemn them to a life of inequality and inequity,” Ambassador Lodhi pointed out.

Pakistan’s UN peacekeeping role shows strong support for multilateralism: Lodhi

She also stated that despite a plethora of institutions and initiatives dealing with illicit financial flows, significant challenges and gaps remain.

“These include lack of an agreed definition; difficulties in reliable measurement due to their disguised nature; increasing use of information and communication technologies and crypto-currencies by criminals; inadequate participation of developing countries in multilateral initiatives and their lack of capacity in combating illicit flows”.
#GPlusrefugee

#tip