Dhaka seeks enhanced global cooperation to combat illicit financial flows

Bangladesh has said international cooperation must be enhanced to combat illicit financial flows from developing economies.

"Political will is essential to ensure the return of stolen assets to their countries of origin. This is a matter of justice, equity, and trust in the international system," said Permanent Representative of Bangladesh to the United Nations Ambassador Salahuddin Noman Chowdhury.

Speaking at the general debate of the 22nd session of the high-level committee on South-South Cooperation New York on May 27, the Ambassador said the development gains of the South are eroded by such illegal flow of assets from South to North.

Bangladesh aligned itself with the statement delivered by G77 and China and the LDC Group.

Ambassador Chowdhury thanked UNDP Administrator Achim Steiner for his contributions to the cause of South-South and triangular cooperation.

"We reaffirm our commitment to the foundational principles: solidarity, mutual respect, equality, non-conditionality, and collective self-reliance," he said.

Ambassador Chowdhury said there is no doubt that they are in the midst of multiple challenges, many of which are beyond the control of the global South.

But it is heartening to note that the volume of trade among Southern countries is now gradually surpassing that of between the North and the South, he said.

To further enhance this potential, the envoy said, some structural support is necessary.

As an LDC in the process of graduation, Bangladesh urged the international community to continue the LDC-specific support measures for some extended period.

"To make graduation sustainable and irreversible, these benefits should be phased out in a staggered and predictable manner," Ambassador Chowdhury said.

The greatest asset of the South is its youth power.

"To harness this demographic dividend, we must invest in quality education and skill development particularly in frontier technologies such as artificial intelligence," said Ambassador Chowdhury.

He said youth must be placed at the heart of development strategies, not merely as recipients, but as drivers of transformation.

The envoy said social business models have great potential in developing countries and this can complement the domestic resource mobilization efforts.

"By prioritizing social objectives over profit maximization, social business can empower women and the vulnerable segments of society; andimprove service delivery in areas such as health, education, food security, and renewable energy," he said.

The envoy said they must enhance institutional support to the UN Office for South South Cooperation and ensure adequate financing, including through the UN Fundand the Pérez-Guerrero Trust Fund.

South-South cooperation offers context-specific, cost-effective, and mutually reinforcing solutions.

It is not an alternative, but rather a complement, to North-South cooperation.

"We must make the best use of this platform to build an inclusive and equitable world - a world of “three zeros”: zero poverty, zero unemployment, and net zero carbon emissions," said Ambassador Chowdhury.

He said they believe the upcoming FfD4 in Spain offers them a great opportunity to chart new guidance for the benefit of the Southern countries in overcoming their structural vulnerabilities including by enabling better debt sustainability and enhanced climate resilience.

"Bangladesh remains firmly committed to strengthening this agenda as a vital enabler to achieving the SDGs," said Ambassador Chowdhury.