A/HRC/RES/28/5 social and cultural rights,1 despite the scarcity of available public data, most illicit financial outflows are from developing countries; that, according to the Independent Expert in his interim study on illicit financial flows, human rights and the post-2015 development agenda,2 recent studies indicate that developing countries lost $991 billion in illicit financial outflows in 2012, that those flows increased in real terms at a rate of 9.4 per cent per annum over the period 2003–2012, and that the annual loss is substantially more than the estimated yearly costs of achieving the Millennium Development Goals; and that, as indicated by the Special Rapporteur on extreme poverty and human rights in her report on taxation policies,3 in 2011, developing countries lost $946.7 billion owing to illicit financial flows – a substantial portion of which relating to tax abuse – which, according to the Organization for Economic Cooperation and Development, was more than seven times the official development assistance for that year and substantially more than the estimated costs of achieving the Millennium Development Goals, Noting with serious concern also that, as highlighted by the Independent Expert in his final report,4 while official development assistance remains an important source of finance for poverty alleviation and development, the substantial amounts lost to illicit financial flows could help the efforts of developing countries to mobilize domestic resources for poverty alleviation, development and realization of human rights, and to reduce their dependence on external financing, which can lead to the erosion of ownership of national development agendas, Welcoming the proposal of the High-level Panel of Eminent Persons on the Post2015 Development Agenda and of the Open Working Group of the General Assembly on Sustainable Development Goals to include in the future United Nations development agenda the goal to reduce significantly by 2030 illicit financial and arms flows, to strengthen the recovery and return of stolen assets and to combat all forms of organized crime, Noting the particular concern of developing countries and countries with economies in transition regarding the need to return assets of illicit origin derived from corruption, in particular to countries from which they originated, consistent with the principles of the United Nations Convention against Corruption, in particular chapter V thereto, so as to enable countries to design and fund development projects in accordance with their national priorities in view of the importance that such assets can have to their sustainable development, Convinced that the illicit acquisition of personal wealth can be particularly damaging to democratic institutions, national economies and the rule of law, and stressing that any resource that the State is deprived of because of corruption has potentially the same negative effect, regardless of whether it is exported or domestically retained, 1. Welcomes the interim study on illicit financial flows, human rights and the post-2015 development agenda prepared by the Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights; 2 2. Encourages States to ensure the adoption of a specific target on significantly reducing illicit financial and arms flows, strengthening the recovery and return of stolen 1 2 3 4 4 A/HRC/22/42 and Corr.1. A/HRC/28/60 and Corr.1. A/HRC/26/28 and Corr.1. A/HRC/25/52.