KSA warns UN of threat to global finances from illegal money movements

Bandar Al-Nahdi stressed the need to prepare and finance development projects in accordance with national priorities. (AFP)
Updated 19 May 2019

KSA warns UN of threat to global finances from illegal money movements

  • ‘Illicit financial flows constantly increasing beyond detection’

NEW YORK: Saudi Arabia has warned that illegal international movements of money posed a major global threat to the financial stability of countries and their sustainable development plans.
Speaking on behalf of the Kingdom at a high-level UN meeting, Bandar Al-Nahdi said urgent action was needed to combat what had become a growing problem.
Al-Nahdi, first secretary at the permanent mission of Saudi Arabia to the UN in New York and chairman of the finance and economic committee, told delegates that illicit financial flows were constantly increasing beyond detection.
He said this was distorting macroeconomic stability, creating severe complications for developing countries and denying them of the resources needed to advance their economic, social and cultural rights.
The official added that developing countries, and nations with economies in transition, should repatriate any assets of illicit origin under the terms of the UN Convention against Corruption, a legally binding international anti-corruption treaty.
In addition, Al-Nahdi stressed the need to prepare and finance development projects in accordance with national priorities, noting that illegal financial flows played a role in reducing resources to fund sustainable development and jeopardized economic, social and political stability, especially in developing states.
Tackling the issue without mechanisms being in place to measure the level of clandestine activities was a major challenge, the Saudi representative told the meeting, and he called for increased coordination and cooperation between states and their judicial authorities to force the return of funds from illicit sources to their country of origin.
Al-Nahdi added that the UN Agenda 2030 for Sustainable Development stressed the importance of significantly reducing illicit flows of funds and weapons by that year. The Addis Ababa Action Agenda plan, adopted at the Third International Conference on Financing for Development, considered that measures to curb illegal financial flows would be an integral part of achieving sustainable development.
In this regard he noted the importance of transparency among states and the continued efforts of various UN bodies.


Madinah museum showcases over 2,000 rare artifacts

Updated 23 August 2019

Madinah museum showcases over 2,000 rare artifacts

  • The museum has issued more than 44 books and publications on Madinah’s architecture

MADINAH: Dar Al-Madinah Museum offers visitors the opportunity to view historical pieces associated with the Prophet’s life. It features artifacts that capture the history, heritage, social life and culture of Madinah.

The museum’s executive director, Hassan Taher, said that it aims to promote the noble values of the Prophet Muhammad, encourage a sense of belonging and capture the history, culture and heritage of Madinah. The exhibits start with the Prophet’s life and end with the Saudi era.

Taher said: “The museum carries out specialized research in Madinah’s architectural heritage. It contains a library of relevant books, research and magazines, all of which are accessible to researchers.”

He said that the museum has issued more than 44 books and publications on Madinah’s architecture.

Taher explained that when preparing the museum’s narrative, it was necessary to reconcile temporal and spatial contexts so they created an added moral and intellectual value for the visitor.

He added: “There are around 2,000 artifacts in the museum’s exhibition halls. These include antiquities, extremely accurate models, handicrafts, manuscripts, documents, correspondence, old publications, postage stamps, photographs and artworks.”

One of the museum’s most valuable exhibits is a large collection of rare pieces associated with important moments in the Prophet’s life and the history of Madinah. 

These include various parts of the Kaaba, rare coins used in Madinah during different eras, ancient pottery, Islamic manuscripts, jewelry and collectibles from the pre-Islamic era.

Taher said that the museum has a professional team of guides who speak several languages, including English, Turkish, Urdu and Malay.