Saudi Arabia affirms its international commitment to prevent the flow of illicit financial assets

The Kingdom of Saudi Arabia affirmed its commitment to international cooperation to combat illicit financial flows and promote good practices in asset recovery, noting that the Kingdom’s Vision 2030 programs and initiatives help strengthen transparency, develop policies and procedures, and fill gaps through which corruption can penetrate.

This is what emerges from the speech of the Kingdom during the general discussion on the theme “issues relating to macroeconomic policies (18)”, as part of the work of the Economic and Financial Committee (second) during the 76th session of the United Nations General Assembly, delivered by the President of the Economic and Financial Committee to the Permanent Delegation of the Kingdom to the United Nations Reem bint Fahd Al-Omair.

Al-Omair explained that the Kingdom wishes to exploit its potential and resources in the service of humanitarian issues, in full cooperation with the United Nations, its agencies and organizations and the international community.

He stressed that the Kingdom plays an important role in international cooperation and support for countries. As he did during his presidency of the Group of Twenty in 2020 In light of the spread of the pandemic (Covid-19), it sought to unify and coordinate efforts globally, so I initiated an extraordinary summit for global response to the effects of the pandemic and enabling it to leverage all capabilities to combat the pandemic and mitigate its economic effects.

He added: The Kingdom has also undertaken the implementation of ongoing economic reforms, which have contributed to the creation of a strong and flexible financial system in the Kingdom, and has been in able to take strong and decisive measures to ensure that the negative economic effects resulting from the epidemic are absorbed.

Al-Omair pointed out that these measures have been positively reflected in the adoption of proactive measures to limit the spread of the new Corona virus in a timely date and to harness all material and human capacities to provide free integrated health care, in compliance with the best standard and international practices.

He said: Building on the Kingdom’s awareness of the economic impact and security of corruption on any society, the Kingdom has taken strong and resolute measures to fight and address corruption, and the Kingdom pays close attention to fighting corruption of all kinds, providing support to the Kingdom authorities and relevant committees to fight corruption, and enacting firm regulations and laws to combat corruption.

He noted that believing in the importance of international cooperation in tackling corruption, the Kingdom has launched the Riyadh initiative to establish a global network for law enforcement authorities interested in fighting corruption, the “GlobeE” network and the exchange of information among anti-corruption agencies around the world. Cooperate and support international efforts to fight corruption.

Al-Omair indicated that the Kingdom attaches great importance to the Sustainable Development Goals and has also taken effective steps to implement the UN approved 2030 Sustainable Development Goals plan in in line with national development plans, through various programs, initiatives and projects that fall under the Kingdom Vision 2030.

He stressed that from this point of view, the Kingdom has launched the National Investment Strategy as one of the main enablers to achieve the goals of the Vision 2030, as the strategy will contribute to economic growth, diversify its sources and support and contribute to increasing efficiency between the public and private sectors, improving the business environment and increasing its attractiveness, empowering investors and providing financing solutions. Increase competitiveness and develop investment opportunities in promising economic sectors, noting that the Kingdom is working to enable Vision 2030 by increasing domestic investment, increasing foreign direct investment flows and increasing the contribution of foreign direct investment to domestic product.

At the conclusion of the speech, the Chairman of the Economic and Financial Committee of the Kingdom’s Permanent Delegation to the United Nations reiterated the importance of the great role played by the United Nations and its various bodies, and the importance of international efforts to recover from effects of the pandemic and international cooperation to achieve global global economic growth, emphasizing the Kingdom’s commitment is fully committed to achieving the Sustainable Development Goals at the national level and continuing its cooperation with its partners in the United Nations and the international community , to achieve the 2030 Sustainable Development Goals at all levels and provide all necessary support in this phase in order to achieve a global recovery and an economic recovery.

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