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.
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 –
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