Developed world lacks will to act against illegal offshore wealth: PM Imran

Premier addresses Dialogue on Financing for Development on the sidelines of 74th UNGA session

News Desk September 26, 2019
Prime minister addresses Financing for Development on sidelines of 74th Session of UNGA in New York. SCREEN GRAB

Prime Minister Imran Khan hit out at the developed world on Thursday for lacking the political will to act against money launderers owing to their own vested interests.

“We've been trying our best to retrieve that [illicit] money... even when we located property made out of illegal money in western capitals we are finding so many legal lacunas in trying to get it back,” the premier said while addressing Dialogue on Financing for Development on the sidelines of 74th Session of the UNGA in New York on Thursday.

The premier said looted wealth which should have been spent on the uplift of Pakistan ended up in the offshore accounts.

"I am afraid that western countries lack the political will to return this looted wealth because they gain from it," he added.

'Pakistan becoming a world player under Imran Khan'

He urged the west to do more to curb illegal offshore wealth, referring to the way action is taken against drug money or terror financing.

The PM said illicit financial flows benefit the rich countries but has a detrimental effect on developing economies, i.e. causes poverty, destruction and lack of human development.

The premier told the participants that during the last ten years Pakistan's debt has risen by four times due to corruption and money laundering.

He said the lion's share of plundered money was laundered and stashed overseas.


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