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International Cooperation to Combat Illicit Financial Flows

On May 16, Archbishop Bernardito Auza, Permanent Observer of the Holy See to the UN gave an intervention during the High Level Meeting on International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices and Asset Returns, which took place at UN headquarters in New York.

In his statement, Archbishop Auza said that illicit financial flows (IFF) harm the development especially of poorer nations by depriving them of needed developmental resources, encouraging criminal activity, undermining the rule of law and political stability, promoting human trafficking and catalyzing the exploitation of natural resources by extractive industries. Combating IFFs, he added, requires strong international cooperation and the recognition that the problem is not just technological or financial, but ethical.

The statement can be found here.