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Washington DC, February 25, 2021 – A UN experts report offers 14 recommendations to stop the loss of trillions in public revenues. The UN group argues that money lost to transnational crime, corruption and tax avoidance could be used to address the pandemic, poverty and climate change.
“The lack of transparency in the financial system impacts the vulnerable and our planet,” stated Eric LeCompte, the Executive Director of the religious development group Jubilee USA Network. “Capturing the trillions in lost revenue is an important way to fight the pandemic and economic crises that countries face.”
The United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel), includes former heads of state, past central bank governors, business leaders and prominent academics. Report recommendations range from identifying the owners of shell companies to international detections on hiding money and corporate disclosure of what monies are spent in the countries they operate in.
The FACTI Panel proposes a UN tax convention to set international tax and transparency norms as well as a tax dispute settlement system.
“The big lesson of the report, is that more international cooperation is needed to stop corruption, tax evasion and tax avoidance,” said LeCompte who serves on United Nation finance expert groups.
LINK: Report of the High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda(FACTI): https://uploads-ssl.webflow.com/5e0bd9edab846816e263d633/603560520c476959ea33b17a_FACTI_Report_ExecSum.pdf
Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world’s poorest people. www.jubileeusa.org