ISLAMABAD – Prime Minister Imran Khan says West should do more to treat theplundered money from developing countries in the same way as it treats drugmoney or terror financing.
Addressing High-Level Dialogue on Financing for Development on thesidelines of 74th Session of the UNGA in New York, he said illicitfinancial flows devastate the economies of developing counties. He saidpeople in rich world do not realize the impact it is having on causingpoverty, destruction and lack of human development in the developing world.
The Prime Minister said when his government took power, it inherited a hugedebt and in the previous ten years it was increased by four times due tocorruption of political elite. He said most of the plundered money waslaundered and sent abroad to invest in foreign bank accounts, properties inwestern capitals and offshore accounts.
Imran Khan said we have been trying our best to retrieve the looted moneybut our efforts are hampered by legal lacunas and other issues in thisprocess. He said had that money was spent on education, health and otherfacilities of life for public, the quality of life would have significantlybeen improved in our country.
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The Prime Minister regretted that there is a lack of political will in thericher countries to help return the wealth plundered by corrupt politiciansof developing world. He said it not only deprives a developing country ofits vital resources, but it is also not a deterrent against corruption. So,corrupt elite from poorer countries invests the looted money in advancedworld without any fear of accountability.
Imran Khan said no matter what aid goes from richer countries to poorercountries is minuscule in comparison with the money looted by corruptelements and stashed in offshore accounts. The Prime Minister questionedwhy offshore tax havens exist in this day and time?
