Action on illicit financial flows formally adopted in Sustainable Development Goals

The UN General Assembly on 25 September formally adopted the 2030 Agenda for Sustainable Development, along with a set of what the UN called “bold” new Global Goals.

The agenda, which establishes the Sustainable Development Goals (SDGs), calls for illicit financial flows (IFFs) to be substantially reduced by 2030.

Development agenda

Clause 16.4 in the agenda states a determination to, “significantly reduce illicit financial and arms flows, strengthen the recovery and return of stolen assets and combat all forms of organised crime,” by 2030.

This is the first time IFFs have been specifically contemplated on the international development agenda.

Driving factors

The clause calling for a reduction in IFFs falls under the agenda’s goal to, “promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.”

The reason for the inclusion of IFFs in the agenda is that they are seen as one of the factors that give rise to violence, insecurity and injustice.

Categories: Trade Based Financial crimes News


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