PM Imran’s 9-Point Agenda Could End Money Laundering From Across the Globe

    

PM Imran’s 9-Point Agenda

Prime Minister of Pakistan, Imran Khan while addressing the Financial Accountability, Transparency, and Integrity (FACTI) on the sidelines of the 75th virtual session of the United Nations General Assembly, has proposed a 9-point formula to curb the flow of money laundering from emerging nations.

PM Khan told that each year more than $7 trillion is transferred out of developing countries through illegal channels. He further added that these countries lose around $500 to $600 billion annually on account of tax evasion.

PM Imran Khan said," All over the world about $7 trillion is stolen and parked in safe tax heaven destination"

The premier urged the meeting participants to put an end to the bleeding developing economies and strengthen international cooperation to hold the financial criminals accountable.

The detailed about PM Imran Khan 9-point agenda tabled during the meeting of FACTI is as follow.

1. Tax haven countries must immediately return the stolen wealth to developing countries.
2. Criminal and monetary penalties must be enforced on all those financial institutions which are involved in receiving and utilizing the dirty money.
3. The accountants, lawyers, and other intermediaries which facilitate the transferring of dirty money from developing countries must be regulated and monitored.
4. The beneficial ownership of foreign companies must be disclosed by the tax heaven when any country makes an official request.
5. To prevent multinational companies from tax evasion global minimum corporate tax must be introduced by profit shifting to low tax countries.
6. Digital transactions which generate Revenue should be taxed at origin rather than anywhere else.
7. Unequal investment treaties must be revised or repeal and a fair arbitration system to address international investment disputes must be introduced.
8. The flow of illegal money, monitored by all official and nonofficial organisation must include all developing countries.
9. The coherence and consistency in the functioning of the official and non-official bodies must be supervised through a mechanism notified by UN

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