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    replica ysl That’s the insidiously darker side of the world’s financial system with millions of dollars in ill gotten gains finding safety in offshore banks a crime perpetrated on a global scale, says a High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI).Ibrahim Mayaki, FACTI co chair and former prime minister of Niger points out closing loopholes that allow money laundering, corruption and tax abuse and stopping wrongdoing by bankers, accountants and lawyers are steps in transforming the global economy for the universal good.In a report released February 25, the UN panel has called on governments to agree to https://www.dolabuy.ru/besace-c-157_315_321/ a Global Pact for Financial Integrity for Sustainable Development.The panel, comprising former world leaders, central bank governors, business and civil society heads and academics, says as much as 2.7 percent of the global gross domestic product (GDP) is laundered annually replica dolabuy , while corporations shopping around for tax free jurisdictions cost governments up to $600 billion a year.At a time when billionaires’ wealth soared by 27.5 percent, even while 131 million people were pushed into poverty due to COVID 19, the report says a tenth of the world’s wealth could be hidden in offshore financial assets, preventing governments from collecting their fair share of taxes.Recovering the annual loss to tax avoidance and evasion in Bangladesh, for example, would allow the country to expand its social safety net to 9 million more of the elderly; in Chad, it could pay for 38,000 classrooms, and in Germany, it could build 8000 wind turbines, according to the report.Professor Kunal Sen, Director, UN University World Institute for Development Economics Research (UNU WIDER), told IPS: “At a time when developing countries are facing sharp declines in tax revenues due to the economic crisis generated by the pandemic, it is imperative to find solutions to the large losses to public exchequers due to illicit financial flows”This is a key challenge to development, as provision of crucial public services, such as education, healthcare, and infrastructure, rely on states having money to spend, he pointed out.”Global coordination of taxation policies, preferably led by the G 7 (world’s industrialized) countries, that limit tax evasion and money laundering is the need of the hour,” he noted.James A. Paul, a former Executive Director at Global Policy Forum, told IPS the new report by the UN High Level Panel is certainly welcome, but there is reason to wonder where it will take us.”It provides a devastating analysis of the corrupt global financial system and how the financiers undermine well being, fairness and legitimacy”.The report, he said, argues that the system architecture and rules make sustainable development (and the UN 17 Sustainable Development Goals) difficult high quality replica handbags china , if not impossible to achieve.He also pointed out that “It has been clear, then, for a long time that the world richest families and nations are the primary beneficiaries of this system, that they have a hammerlock on politics, and that they have no intention of changing things in any fundamental way”.In particular, the national leaders of this global corruption mafia are nationals of the United States and the United Kingdom, whose financial institutions and oligarchies are the world most powerful, he added.”They have ruled the global financial system for a long time and (in spite of declarations to the contrary) they are dead set against reforms that would increase and the other good things the High Level Panel seeks to promote,” said Paul.This brings us to the dilemma of the UN and its capacity to analyze and to resolve the world most fundamental problems”.However, he said the Presidents of the UN General Assembly and the Economic and Social Council are to be congratulated for setting up this Panel and for reminding us once again how the global oligarchy is practicing corruption on a breathtaking and devastating scale. This is no surprise.”For we need something more fundamental nothing less than a roadmap towards a global democratic order, freed from the grip of the financial oligarchy and guided at last by the needs and the will of the people themselves UN and its capacity to analyze and to resolve the world most fundamental problems”.A former UN Secretary General Kofi Annan, a national of Ghana, once said that of dollars of public funds continue to be stashed away by some African leaders even while roads are crumbling, health systems are failing, school children have neither books nor desks nor teachers, and phones do not work.The recommended global pact for financial integrity for sustainable development, he argued, should help extend the Financial Action Task Force (created in 1989 by the G7 and later joined by a few dozen countries) global reach in coordinating global anti money laundering efforts.In addition, more (especially non OECD) countries should be encouraged to participate in the OECD Declaration on Automatic Exchange of Information (AEOI) in Tax Matters, which aims to increase banking transparency and decrease tax evasion worldwide.The AEOI standard which benefits poor and rich nations alike makes it harder for money launderers to hide their proceeds and easier for the victims of tax evasion to recover funds.For developing countries to fully realize the benefits of this new transparency, he said, the developed world and international institutions should recognize and help overcome the financial and capacity restraints that prevent less well off countries from participating in a multilateral regime for AEOI.Simultaneously, developed and developing countries should promote the transparency of corporate registries to prevent money launderers from operating behind shell companies..

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