Islamabad: June 04, 2021: United Nations held general assembly special session against corruption yesterday.
This year marks fifteen years since the UN Convention against Corruption (UNCAC) entered into force. While UNCAC have made some progress during this period, corruption continues to hold back development and deprive people of their rights in far too many places around the world.
The recent report of the High-Level Panel on Financial Accountability, Transparency and Integrity has revealed that due to political and official corruption, as well as crime and tax evasion, trillions of dollars flow out of developing countries each year. Seven trillion dollars in stolen assets are parked in the financial “haven” countries and jurisdictions.
The flight of these vast resources from the developing countries is a principal cause of their under-development, poverty, inequality and political instability. Corruption is estimated to cost the world at least USD2.6 trillion annually, approximately 5 percent of the global gross domestic product (GDP).
It is estimated that USD1.3 trillion is lost by developing countries to corruption, bribery, theft and tax evasion each year. This is approximately nine times Official Development Assistance funding. In order to reinforce the global fight against corruption, it is vital to strengthen international cooperation and efficiently prevent, detect, investigate and prosecute corruption, as well as to apply effective, proportionate and dissuasive penalties and recover criminal assets.