International Cooperation Can Fight Corruption and Stop Tax Evasion, Say UN Experts

Report Asserts Trillions Available to Address Poverty, COVID and Climate Change

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.