Saudi Arabia reveals to the UN the danger of illegal cash flows

Saudi Arabia reveals to the UN the danger of illegal cash flows
Saudi Arabia reveals to the UN the danger of illegal cash flows
  • SaudiArabia reveals to the UN the danger of illegal cash flows to the stability ofstates.

Saudi Arabia stressed that illegal cash flows pose a major threat to the financial stability of states and to the achievement of their national goals for sustainable development.

This came in a speech delivered by theChairman of the Finance and Economic Committee, First Secretary Bandar Al-Nahdi,to the United Nations during a meeting on the international cooperation tocombat illegal cash flows and promote good practices related to the return ofassets.

"The illegal cash flows are constantlyincreasing beyond detection, distorting macroeconomic stability, creatingsevere complications for developing countries that cannot afford more burdens,and depriving them of the resources needed to continue exercising theireconomic, social, and cultural rights, especially their right to development." Al-Nahdisaid.

The Chairman of the Finance andEconomic Committee stressed the urgent need for developing countries that theireconomies are in transition, to return assets from illegal sources, consistentwith the principles of the United Nations Convention against Corruption, sothat they could prepare and finance development projects in accordance withtheir priorities. He also pointed out that illegal cash flows play a major rolein reducing resources to finance sustainable development and negatively affectthe economic, social and political stability of countries, especially thedeveloping ones.

The Chairman of the Finance andEconomic Committee pointed out that the measurement of illegal cash flows posea challenge, particularly in the absence of any tool or process that effectivelymeasure the associated clandestine activities, and that the return of fundsfrom illegal sources to the countries of their origin require coordination andcooperation between the requesting and the requested states, including betweenthe competent authorities, in particular the judicial authorities, tofacilitate effective international cooperation for the rapid recovery of assetsof illegal sources.

Al-Nahdi added that the United Nations Plan for Sustainable Development 2030 stressed the importance of significantly reducing the illegal flows of funds and arms by 2030. The Addis Ababa Plan of Action adopted at the Third International Conference on Financing for Development stressed that measures to curb cash flows and encourage various United Nations bodies to continue to work and consider ways of addressing this phenomenon.

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