British Labour Party leader, Jeremy Corbyn, has said that if his party should come to power, the issue of illicit fund flows (IFFs) would be a priority and that a future Labour government would have a keen focus on multinationals in this respect.

Corbyn was addressing UN officials in Geneva in a speech to mark International Human Rights Day.

Misinvoicing concerns

“For too long, development has been driven by the unfounded dogma that unfettered markets and unaccountable multinational companies are the key to solving global problems,” Corbyn said.

Under a Labour government, the department for international development will scrutinise multinationals in particular and have a new focus on “acting against the global scandal of tax dodging and trade misinvoicing,” he added.

Requirements for multinationals

In the opposition leader’s view, multinational companies must be required to undertake country-by-country reporting to stem IFFs.

The next Labour government will therefore seek to work with tax authorities in developing countries to do that, Corbyn concluded.

Categories: Trade Based Financial crimes News