The Kingdom affirms its commitment to combating illicit financial flows

The Kingdom affirmed its commitment to international cooperation to combat illicit financial flows, and to promote good practices regarding the recovery of financial assets, stressing that the programs and initiatives of the Kingdom’s Vision 2030 contribute to enhancing transparency, developing policies and procedures, and filling gaps through which corruption can be penetrated.

This came in the Kingdom’s speech during the general discussion of the item “issues related to macroeconomic policies (18)” within the work of the Economic and Financial Committee (second) during the 76th session of the United Nations General Assembly, delivered by the Chairperson of the Economic and Financial Committee at the Kingdom’s permanent delegation to the United Nations, Reem Bent Fahad Al-Omair.

She indicated that the Kingdom was able, during its presidency of the Group of Twenty in 2020 and in light of the spread of the (Covid 19) pandemic, to work to unify and coordinate efforts globally, so it initiated an extraordinary summit for the global response to the effects of the pandemic, and it positively resulted in mitigating those effects, and launched a mechanism to reduce the burdens of the pandemic. Debt to provide support to low-income countries and enable them to harness all capabilities to combat the pandemic and mitigate its economic effects, and it has also begun enacting continuous economic reforms, which contributed to the establishment of a strong and flexible financial system and was able to take strong and decisive measures to ensure that the negative economic effects resulting from the epidemic are absorbed.

It also launched the Riyadh initiative to establish a global network for law enforcement authorities concerned with anti-corruption Network “GlobeE” and exchange information between anti-corruption agencies around the world. By raising domestic investment, foreign direct investment flows.

The Kingdom’s Efforts in International Cooperation

Creation of a global network of anti-corruption law enforcement authorities

10 million dollars to create a global network

Launching a mechanism to ease the debt burdens of poor countries Establishing a strong and flexible financial system

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