Money laundering major cause of economic hardship for poor countries: PM

Money laundering major cause of economic hardship for poor countries: PM

Meanwhile PM Imran Khan has approved draft NAB amendment ordinance.

ISLAMABAD ( Web News )

Prime Minister of Pakistan Imran Khan on Tuesday has declared money laundering major cause of economic hardship for the people of poor countries.

Addressing the World Leaders Summit Dialogue organized on the occasion of 15th Quadrennial Meeting of UNCTAD on Tuesday through video link, he said that the developing countries have suffered most due to global coronavirus pandemic.

The prime minister said that the debt facility must continue till the epidemic is contained.

Imran Khan also stressed the need to end inequalities with regard to the vaccination. He also emphasised the climate finance and return of stolen wealth to developing countries as part of global economic recovery from the devastating effects of the pandemic.

The prime minister reaffirmed the urgent need for mobilization of and contribution by richer countries to climate finance in view of the vulnerability and existential challenges faced by Small Island Developing Countries (SIDS) and other developing countries, including Pakistan.

Reiterating his deep concern over the huge challenge of illicit flow of money amounting to $1 trillion annually from developing countries to richer capitals and tax havens, the prime minister underscored the imperative of halting these outflows.

He once again emphasised implementation of UN Secretary General’s FACTI Panel’s recommendations, enabling the developing countries to more meaningfully alleviate poverty and human development.

Meanwhile PM Imran Khan has approved draft NAB amendment ordinance.

Media reported that a meeting of the legal team was held under the chairmanship of PM Imran Khan. Law Minister Farogh Naseem, Attorney General Khalid Javed Khan, Federal Minister for Information and Broadcasting Fawad Chaudhry, Federal Minister for Planning Asad Umar and Advisor on Parliamentary Affairs Babar Awan attended the meeting.

The prime minister has approved the draft NAB amendment Ordinance and the summary of which will be approved by the Cabinet through circulation. The proposed ordinance includes a provision to retain the current NAB chairman until a new chairman is appointed.

The proposed draft ordinance also includes a provision to consult the Leader of the Opposition on the appointment of NAB Chairman.

Prime Minister Imran Khan chairs Federal Cabinet meeting at Islamabad on 5th October, 2021.

Earlier, briefing after the meeting of the federal cabinet, Federal Minister for Information Fawad Chaudhry said that a draft ordinance had been prepared by the government for extension of NAB chairman’s tenure but there was no discussion in the cabinet on the matter adding that opposition should change leader of the opposition in the National Assembly for consultation on the issue.

Fawad Chaudhry said that modern technology would be used in the new census in the country.

The minister said that the cabinet had also approved that next census will be held as per de-jure rules and regulations. He said rules and procedure for next census will be presented before the Council of Common Interest for approval.

He said modern technology will be used in the next census, while all other organizations like NADRA will cooperate for this purpose. He said delimitation of constituencies will be undertaken in the final phase of the census.