UN PANEL SAYS MAJOR REFORM NEEDED TO BOOST FIGHT AGAINST ILLICIT FINANCE

On 24 September, a news release from the Financial Accountability and Corporate Transparency (FACT) Coalition said that a new interim report by the UN High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (the FACTI Panel) — an international group of former world leaders, central bank heads, business executives, and civil society representatives — exposes major shortcomings and systemic problems in the global framework to combat tax abuse, corruption, and money laundering. The document assesses that money launderers move at least $1.6 trillion, or 2.7% of global GDP, annually. The findings further reveal at least $7 trillion in private wealth — a staggering 10% of global GDP — is held offshore, while international governments lose an additional $500 billion annually from multinational profit-shifting plans. The report demonstrates how these harmful financial practices in particular disadvantage developing countries.

https://thefactcoalition.org/un-panel-says-major-reforms-needed-to-boost-fight-against-illicit-finance/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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