Promotion of international cooperation to combat illicit financial flows and strengthen good practices on assets return to foster sustainable development A/RES/74/206 the Goals and targets met for all nations and peoples and for all segments of society, and recommitting to endeavour to reach the furthest behind first, 1. Welcomes the focus on combating illicit financial flows, inter alia, at the High-level Dialogue on Financing for Development, held on 26 September 2019, acknowledges that combating illicit financial flows contributes to domestic resource mobilization, and calls upon the relevant organizations of the United Nations system, within their respective mandates and resources, to continue their consideration of the negative impact of illicit financial flows on financing the 2030 Agenda for Sustainable Development, 5 to further explore policy responses to the phenomenon and to coordinate their efforts in this regard; 2. Also welcomes the high-level meeting on international cooperation to combat illicit financial flows and strengthen good practices on assets return, convened by the President of the General Assembly at Headquarters on 16 May 2019, and looks forward to continued discussions on this issue, building on the momentum created by the meeting; 3. Reaffirms its commitment to strive to eliminate safe havens that create incentives for the transfer abroad of stolen assets and illicit financial flows ; 4. Also reaffirms its commitment to strengthen regulatory frameworks at all levels in accordance with international standards and to further increase the transparency and accountability of financial institutions and the corporate sector, as well as public administrations; 5. Notes with concern that proceeds emanating from offences established under the United Nations Convention against Corruption 1 have yet to be disposed of in favour of the requesting States parties, their prior legitimate owners and victims of the crimes, and decides to deter, detect, prevent and counter corruption, increase transparency and promote good governance; 6. Reaffirms the need for Member States to effectively implement and enforce existing obligations under the United Nations Convention against Corrupt ion, as a critical part of combating illicit financial flows; 7. Welcomes the ongoing efforts of Member States to enhance knowledge and broaden understanding of the challenges and opportunities involved in international cooperation to combat illicit financial flows and strengthen good practices on assets return consistent with the United Nations Convention against Corruption so as to foster sustainable development; 8. Acknowledges that combating illicit financial flows requires a range of actions that includes deterring, detecting, preventing and countering such flows in source, transit and destination countries; 9. Recalls that new technologies can both increase efficiency in revenue collection and strengthen the efforts to combat illicit financial fl ows, expresses concern that virtual assets are being used for illicit activities, and in this regard encourages Member States and other relevant organizations to take measures in line with international standards, where applicable, to prevent and counter t heir illicit use; 10. Notes that international cooperation in combating illicit financial flows is a work in progress that must continue to be pursued, and encourages all countries to develop effective tools and create a policy environment for combating illicit financial __________________ 5 4/7 Resolution 70/1. 19-22419