UN: TAX ABUSE AND MONEY LAUNDERING IS TRAPPING BILLIONS IN POVERTY

On 25 February, the Guardian reported that billions of people around the world are being trapped in poverty by systemic tax abuses, corruption and money laundering, according to a UN commission report calling for a global crackdown.  It said up to 10% of the world’s wealth could be hidden offshore at a time when governments were under growing financial strain because of the Covid pandemic, and as inequality soars.  The high-level panel on international financial accountability, transparency and integrity (Facti) says greater coordination between countries is required to impose sanctions on enablers of financial crime.  It  calls for an international minimum corporate tax rate (20-30%), more progress towards taxing digital companies and measures to improve the transparency of company ownership and public spending.

https://www.theguardian.com/business/2021/feb/25/tax-abuse-and-money-laundering-is-trapping-billions-in-poverty-says-un

The report, which contains 14 recommendations to reform, redesign and revitalise the global architecture, so it can effectively foster financial integrity for sustainable development, can be found at –

https://www.factipanel.org

 

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s