ISLAMABAD: Cautio­n­ing the international community that $2.6 trillion corruption is committed annually around the world, National Accountability Bureau (NAB) chairman Javed Iqbal on Friday said Pakistan attached high priority to fighting corruption as part of the international commitment to end poverty, curb illicit financial flows and ensure peace and prosperity.

“Corruption is estimated to cost the world at least $2.6 trillion annually, appro­­ximately five per cent of the global gross domestic product (GDP),” he said in his address to the UN General Assembly’s special session against corruption via a video link.

“It is estimated that $1.26 trillion is lost by developing countries to corruption, bribery, theft and tax evasion each year. This is approximately nine times official development assistance funding,” he said.

The NAB chief called for reinforcing the global fight against corruption, through strengthened international cooperation to efficiently prevent, detect, investigate and prosecute the scourge as well as to apply effective, proportionate and dissuasive penalties and recover criminal assets.

He said Pakistan’s commitment to eradicating corruption remains clear and firm, pointing to the establishment of a comprehensive legal and institutional framework for controlling and combating corruption.

“Over the years, we have also taken steps to improve institutional capacity and align domestic laws with international norms and standards embodied in the UNCAC,” Mr Iqbal said.

Published in Dawn, June 5th, 2021