Transparency International (TI) says it believes that the High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) would do well by prioritising three key reforms to address what it describes as the pernicious impact of illicit financial flows (IFFs).
Commenting on the virtual consultation the panel recently held (Trade Based Financial Crime, 29 July 2020), the non-profit organisation that combats global corruption says it wants to see the UN-hosted panel work towards a common agenda to tackle secrecy, a global asset registry and an asset recovery agreement.
Tackling secrecy
Existing global instruments and institutions need to do much more to uncover secrecy and end anonymity according to TI.
It says that by creating a core agenda to prioritise secrecy issues, including reforming reporting standards, placing more emphasis on transparency in country review assessments, and focusing on addressing secrecy through public policy and research, FACTI can meet this challenge head-on.
The panel should also encourage a coordinated effort to ensure that organisations, including the International Monetary Fund, World Bank, Financial Action Task Force, Organisation for Economic Cooperation and Development and others, work together to take action against secrecy.
Global asset registry
A global registry to address transnational corruption and facilitate international cooperation and asset recovery does not yet exist.
TI says the FACTI panel should explore existing initiatives that could contribute to a global asset registry and determine the elements or infrastructure necessary to establish it.
Asset recovery agreement
A major international effort is urgently needed to overcome obstacles to return proceeds of corruption to their countries of origin, including assets lost to tax evasion and other IFFs according to TI.
It says one option would be to create a broad instrument covering all IFFs – a suggestion raised in the virtual consultation with the UN member states.
A new multilateral agreement could help accelerate asset recovery according to TI. It suggests such an agreement should include procedures to recompense state and non-state victims of foreign bribery and standards for accountable asset return.
Categories: Trade Based Financial crimes News
Related Articles
-
Italian and Spanish police arrest 33 suspects in globally active TBML network
-
TBML increasingly prevalent across Europe and beyond says head of Ireland’s fraud squad
-
TD Bank’s takeover of First Horizon reportedly scuppered by AML concerns
-
US banks used to launder funds in illicit gold scheme, Russian national indicted