These amounts could also support actions against the effects of climate change, promote the fight against poverty and in favor of sustainable development, said the High-Level Panel on International Financial Accountability, Transparency and Integrity to achieve the 2030 Agenda.
According to that entity, a tenth of the world’s wealth could be hidden in offshore financial assets, which would prevent the fair collection of taxes by governments.
He also stated that currently money laundering would reach up to 2.7 percent of the world’s Gross Domestic Product each year and corporations would deprive governments of about 600 billion dollars a year using tax havens.
That High-Level Panel was established in March 2020 to analyze regulatory and implementation gaps and deficiencies that facilitate the global movement of illegal money flows, represent theft, and instead serve sustainable development without leaving anyone behind. .
In addition, illicit activities undermine trust in institutions, contribute to greater poverty and, in the current situation, reduce resources to face the Covid-19 pandemic and the climate crisis, he insisted.
José Antonio Ocampo, a member of the panel made up of former leaders and governors of central banks, academics, business leaders and civil society, explained that the intention was to recommend measures to prevent the bleeding of the treasury from continuing and to address social needs.
“The recommendations are aimed at actions that can be taken at the global level, but also at supporting national efforts to counteract these enormous flows and take advantage of them in development, especially in the current crisis, but also to improve governance,” he said. .
In this regard, the panel proposed adopting a financial integrity that captures and uses the funds to finance the Sustainable Development Goals, instead of disappearing into offshore or extraterritorial labyrinths, and being used for the benefit of the populations that generate them.
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