PMIK stands for developing world at UN, proposes 9 decisive actions to stop illicit cashflow from poor nations

During his UNGA speech, the Prime Minister presented the following nine steps so that the world might control illicit monetary flows:

Prime Minister Imran Khan has called upon the international community to take measures to counter the illegal flow of money from developing countries.

He said that the “stolen assets of developing countries must be returned. Each year, billions of dollars are illegally flowing out of developing countries.

On the sidelines of the ongoing UN General Assembly (UNGA) session, The Prime Minister addressed a high-level panel on Financial Accountability, Transparency, and Integrity.

He added, “Our government has come “with a robust public mandate to get rid of this hazard from Pakistan. The white-collar criminals take out $1 trillion each year. $20-$40 billion is in the form of bribes received by corrupt white-collar criminals; $7 trillion in looted resources is stored in the safe tax haven destinations; $500-$600 billion is lost each year in tax evasion by the multinational companies.”

During his speech, the Prime Minister presented the following nine steps so that the world might control illicit monetary flows:

  1. The looted assets of developing countries, including proceeds of extortion, bribery, and other crimes, must be returned immediately
  2. The authorities in safe-haven destinations must implement criminal and financial fines on their financial institutions which receive and utilize such funds and resources
  3. The enablers of fraud and bribery, such as accountants, attorneys, and other agents, must be closely controlled, monitored, and held accountable.
  4. The beneficial ownership of foreign companies must be revealed instantly upon investigation by the involved and concerned governments
  5. Multinational companies must not be allowed to resort to profit shifting to low-tax jurisdictions for evading taxation. A global minimum corporate tax could stop this practice
  6. Proceeds from digital businesses should be taxed where the investments are generated, not elsewhere
  7. Uneven investment agreements should be canceled or revised, and a fair system for adjudication of investment disputes set up
  8. All official and non-official bodies set up to control and monitor illicit financial flows must include all the interested countries
  9. The United Nations should set up a mechanism to organize and supervise the work of the various official and non-official organizations dealing with illicit financial flows to ensure coherence, consistency, and equity in their work.

The PM concluded his speech by saying, “Excellencies, finally I would say that unless these steps are taken, the difference between the rich and developing countries will keep growing.”

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