Saudi Arabia calls for UN member states to cooperate to reduce IFFs

Saudi Arabia’s deputy permanent representative of to the UN, Khalid Bin Mohammed Manzalawi, says the country believes in the importance of cooperation to promote transparency between countries to reduce illicit financial flows (IFFs) and is encouraging various UN bodies to consider and find ways to do this.

Saudi Arabia holds the G20 presidency this year and Manzalawi expressed his views at an extraordinary virtual summit of the G20 leaders to enlist their support for international efforts to tackle the coronavirus crisis and other challenges that need to be addressed at a global level.

Priority actions

Manzalawi told the summit that during its presidency Saudi Arabia is prioritising cooperation within the international community to enhance the G20 countries’ efforts to combat corruption and maintain integrity.

Participants at the virtual meeting included senior representatives of UN member states and the High-level panel on International Financial Accountability, Transparency and Integrity (Groupe de haut niveau sur la responsabilité, la transparence et l’Intégrité financières internationals – FACTI) for achieving the 2030 agenda.

FACTI briefing

The panel was briefed on member states’ efforts that supported its objectives and how sufficient political support can be mobilised.

It was also informed on the priorities that countries consider important to enhance financial accountability, transparency and integrity in order to achieve the 2030 Sustainable Development Goals.

Illicit financial flows

FACTI was established to find ways to curb illicit financial flows and recover lost corporate income tax revenue.

It also aims to narrow the financing gap as called for in the Sustainable Development Goals (Trade-based Financial Crime, 27 April 2020).

Categories: Trade Based Financial crimes News

Tags: , , , , ,

%d bloggers like this: