Monday October 18, 2021

PM Imran Khan hails Joe Biden's 'intent of a policy targeting dirty money'

Biden says he would "lead efforts internationally to bring transparency to the global financial system".

Web Desk
December 09, 2020
Prime Minister Imran Khan (L), United States President-elect Joe Biden (R). Photo: File

ISLAMABAD: Prime Minister Imran Khan on Wednesday hailed the United States President-elect Joe Biden's intentions to go after dirty money and to bring transparency to the global financial system.

 "Developing countries are being impoverished by their corrupt elites who launder money to richer countries and offshore tax havens,"  the premier wrote on  Twitter while sharing an article written by Biden.

Declaring his intentions in  the   Foreign Policy magazine,   Biden said that he would "lead efforts internationally to bring transparency to the global financial system".

“I will lead efforts internationally to bring transparency to the global financial system, go after illicit tax havens, seize stolen assets, and make it more difficult for leaders who steal from their people to hide behind anonymous front companies,” he wrote. 

He further said that one of his chief goals  was to “rally our allies to combat corruption and kleptocracy, and to hold systems of authoritarian capitalism accountable for greater transparency and participation in a rules-based system.”

PM's 9-point plan to combat corruption

Earlier in September, the prime minister made an impassioned appeal to the international community to take decisive action and work to prevent white collar criminals from "bleeding" developing countries dry.

In an address to the United Nations International Financial Accountability, Transparency and Integrity (FACTI), PM Imran had said countries that such criminals view as "tax havens" must return wealth looted from developed countries.

"We welcome the interim report of the FACTI panel. The figures [...] mentioned in the report are staggering," said the premier.

He said that $1tn is taken out each year "by these white-collar criminals".

"$20-40 billion is in the form of bribes received by these corrupt white-collar criminals," PM Imran added.

He has also called upon the international community to "adopt decisive actions", before proceeding to list 9 recommendations.