Governments around the world should take action against cross-border financial corruption and rampant tax abuse in order to preserve the resources needed to eradicate poverty, fight climate change and reduce inequalities caused by the COVID-19 pandemic, a high-level body of the United Nations, which was recommended on Thursday, should be tightened.
The Panel on International Financial Responsibility, Transparency and Integrity published a report with 14 recommendations for updating and improving the international financial system. His proposals to governments include: setting a global minimum tax of 20% to 30% on corporate profits; set global guidelines and regulations for accountants, lawyers, and finance professionals; Post information about profits, asset location, and business owners; and create laws to prosecute cross-border financial crime and corruption cases. The body also calls for international standards to protect journalists, lawyers and whistleblowers.
“Trillions of dollars are poured into developing countries every year as a result of the activities of criminals, corrupt politicians and officials and tax evaders,” said Munir Akram, President of the United Nations Economic and Social Council and Pakistan’s Permanent Representative to the United Nations. “Turn a blind eye when it’s so illegal [financial] Currents, especially at a time of economic recession sparked by the COVID-19 pandemic, are downright criminal. ”
The panel calls on countries to sign a global pact to implement the recommendations, prosecute and stop the illegal movement of money between different jurisdictions, and ensure that the funds recovered are used for sustainable development.
“Given the size of the resources that could be unleashed with financial integrity, the global compact could have a significant impact on the well-being of people and planets in developing and developed countries,” the report said. “It would also be an important contribution to improving multilateral and national governance.”
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