OIC urges financial transparency to hold accountable those involved in corruption

“The OIC strongly supports a preventive approach to effectively counter the scourge of corruption in its varied forms,” says Pakistan’s permanent representative to UN offices in Geneva”: Ambassador Khalil Hashmi

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GENEVA: The Organization of Islamic Cooperation (OIC) is gravely concerned over the growing corruption and stands for greater financial transparency in order to hold accountable those involved in this menace, Pakistani Ambassador Khalil Hashmi has said on behalf of the 57-member body.

“The OIC strongly supports a preventive approach to effectively counter the scourge of corruption in its varied forms,” Hashmi, who is Pakistan’s permanent representative to UN offices in Geneva, said during a panel discussion in the UN Human Rights Council on the topic of corruption.

Such an approach, he said, must address drivers, actors, manifestations and impacts, especially from human rights lens, amid the growing scale of this menace and its devastating effects on individuals and societies.

According to Financial Accountability Transparency and Integrity (FACTI) Panel’s report of 2021, an estimated 7 trillion US dollars, often derived from various forms of corruption, are being funneled through haven countries.

Ambassador Hashmi said the corruption proceeds and non-repatriation of stolen public assets represent an economic cost to countries across the globe, especially developing countries. They deprive countries of resources that can otherwise be deployed to provide social safety net, and access to food, housing, health, education and employment.

The pandemic-induced economic downturn and reduced fiscal space had exacerbated inequalities and undermined recovery efforts, he said, adding that preventing corruption had, therefore, become a human rights imperative.

“The Islamic faith prohibits corruption in all its forms. It provides ethical and legal guidance to prevent and curb this menace”.

Apart from awareness-raising and exchange of good practices, he said, the pervasive nature of this plague necessitates stronger bilateral and multilateral cooperation.

“Greater financial transparency and integrity is equally essential as is the imperative of holding those abetting and benefiting from the corruption proceeds accountable.”

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