{"id":70910,"date":"2020-09-26T10:00:00","date_gmt":"2020-09-26T05:00:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=70910"},"modified":"2020-09-25T17:24:46","modified_gmt":"2020-09-25T12:24:46","slug":"pm-presents-plan-to-curb-illicit-cash-flows-from-developing-countries","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pm-presents-plan-to-curb-illicit-cash-flows-from-developing-countries.html","title":{"rendered":"PM presents plan to curb illicit cash flows from developing countries"},"content":{"rendered":"\n<p>Islamabad: Prime Minister (PM) Imran Khan on Thursday addressed a high-level panel on Financial Accountability, Transparency and Integrity (FACTI) \u2014 with the premier taking the opportunity to appeal to the global community to curb illicit cash flows from developing nations, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-enforce-fatf-recommended-measures.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to implement anti-money laundering measures in line with FATF recommendations<\/a><\/p>\n\n\n\n<p>According to the PM\u2019s office, during the FACTI session, he asked the nations of the world to help prevent the outflow of billions of dollars from developing countries, and presented a \u2018robust public mandate\u2019 to eradicated this corrupt practice.<\/p>\n\n\n\n<p>As per the PM\u2019s plan, the following measures can be practised to prevent illegal cash outflow:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The stolen assets of developing countries (including proceeds of corruption and other monetary crimes) should be immediately returned.<\/li><li>Tax haven destinations should impose financial and criminal penalties on their financial institutions involved in receiving and utilising such money and assets.<\/li><li>The accountants, lawyers and other intermediaries that act as enablers of corrupt measures should be closely watched and held accountable.<\/li><li>If inquired by the interested and affected governments, the beneficial ownership of foreign companies must be revealed immediately.<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-monitor-real-estate-jewellery-transactions.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to monitor real estate, jewellery transactions to curb terror financing under FATF regulations<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Profit-shifting to low-tax jurisdictions for multinational corporations must not be allowed. A global minimum corporate tax should be enforced.<\/li><li>The revenues from digital transactions should be taxed where the revenues originated.<\/li><li>A fair system for adjudication of investment disputes must be set-up and unequal investment treaties should be discarded.<\/li><li>All formations (official and unofficial) established to monitor<a href=\"https:\/\/www.zameen.com\/news\/mou-signed-with-uae-to-meet-fatf-conditions-on-money-laundering.html\" target=\"_blank\" rel=\"noreferrer noopener\"> illicit money flow<\/a> should include all countries.<\/li><li>A mechanism to supervise these formations should be devised by the United Nations to ensure coherence, consistency and equity in their work.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Prime Minister (PM) Imran Khan on Thursday addressed a high-level panel on Financial Accountability, Transparency and Integrity (FACTI) \u2014 with the premier taking the opportunity to appeal to the global community to curb illicit cash flows from developing nations, according to news sources. Read: FBR to implement anti-money laundering measures in line with FATF recommendations According to the PM\u2019s office, during the FACTI session, he asked the nations of the world to help prevent the outflow of billions of dollars from developing countries, and presented a \u2018robust public mandate\u2019 to eradicated this corrupt practice. As per the PM\u2019s plan, the following measures can be practised to prevent illegal cash outflow: The stolen assets of developing countries (including proceeds of corruption and other monetary crimes) should be immediately returned. Tax haven destinations should impose financial and criminal penalties on their financial institutions involved in receiving and utilising such money and assets. The accountants, lawyers and other intermediaries that act as enablers of corrupt measures should be closely watched and held accountable. If inquired by the interested and affected governments, the beneficial ownership of foreign companies must be revealed immediately. Read: FBR to monitor real estate, jewellery transactions to curb terror&hellip;<\/p>\n","protected":false},"author":75,"featured_media":69635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15016],"tags":[40347,40348,40346],"persona":[],"class_list":{"0":"post-70910","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-new-developments","9":"tag-financial-accountability-transparency-and-integrity-facti","10":"tag-illegal-cash-outflow","11":"tag-pm-presents-plan-to-curb-illicit-cash-flows-from-developing-countries","12":"cat-15015-id","13":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PM for curbing illicit cash flows from developing countries- Zameen News<\/title>\n<meta name=\"description\" content=\"PM addressed a high-level panel on FACTI \u2014 and appealed to the global community to curb illicit cash flows from developing nations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pm-presents-plan-to-curb-illicit-cash-flows-from-developing-countries.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM for curbing illicit cash flows from developing countries- Zameen News\" \/>\n<meta property=\"og:description\" content=\"PM addressed a high-level panel on FACTI \u2014 and appealed to the global community to curb illicit cash flows from developing nations\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pm-presents-plan-to-curb-illicit-cash-flows-from-developing-countries.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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