KSA Stresses that Illicit Financial Flows Continue to Pose a Threat to Financial Stability of States

New York, The Kingdom of Saudi Arabia stressed that illicit financial flows continue to pose a major threat to the financial stability of states and achieving their national goals for sustainable development.

This came in the Kingdom's speech before the United Nations during the High-Level Meeting on International Cooperation to combat Illicit Financial Flows and Strengthen Good Practices on Asset Return, delivered by the Chairman of the Finance and Economic Committee, First Secretary Bandar Al-Nahdi.

Al-Nahdi said that illicit financial flows are constantly increasing beyond detection, resulting in distorting macroeconomic stability, creating severe complications for developing countries that cannot afford more burdens and denying them of the resources needed to advance their economic, social and cultural rights, in particular the right of development.

Source: Saudi Press Agency