UN releases consensus on illicit financial flows

The UN has released a draft document that lays out the current political consensus on a vast array of development issues, including how to address the growing problem of illicit financial flows (IFFs).

The Zero Draft provides an indicative picture of political efforts worldwide to stem IFFs and suggests steps that need to be taken internationally.

Proposals and recommendations
The draft calls for the development of a proposal for an official definition of IFFs and another proposal to publish official estimates of IFF volumes.

The Zero Draft also recommends an international effort to “substantially reduce” the flow of IFFs.

Regional efforts
The draft specifically contemplates the High Level Panel on Illicit Financial Flows from Africa and urges governments to take into consideration the recommendations of the report.

It also invites other regions to carry out similar exercises building on this initiative.

International body
The draft also asks the international body that monitors and makes recommendations about the global financial system, the Financial Stability Board to work with relevant institutions to implement the proposed global Legal Entity Identifier system.

The Zero Draft also supports the strengthening of efforts to effectively combat money laundering and the financing of terrorism.

Categories: Trade Based Financial crimes News

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