The on Monday in New York inaugurated a high-level panel to identify and close existing gaps in the global fight against corruption, money laundering, and illicit financial flows (IFFs).
This came at an informal interactive dialogue convened by President of UNGA, Amb. Tijani Muhammad-Bande, and his Economic and Social Council (ECOSOC) counterpart, Amb. Mona Juul.
The panel, made up of relevant experts, is charged with identifying existing gaps and vulnerabilities in institutional and legal frameworks against corruption, money laundering, and illicit financial flows.
It is expected to undertake an initial review of the international institutional and legal frameworks related to financial accountability, transparency and integrity.
The panel is also tasked with offering“ new and creative solutions to make the systems for financial accountability, transparency and integrity robust, effective, and universal in approach’’.
The aim is to block such gaps and save resources for implementation of the Sustainable Development Goals (SDGs), a few of which an estimated additional $2.5 trillion dollars is needed by 2030.
In his remarks, Muhammad-Bande said that the initiative was in response to the financing gap problem in relation to the implementation of the SDGs.
“By some estimates, the equivalent of 10 per cent of world Gross Domestic Products is held in off-shore financial assets.
“Corporate profit-shifting is collectively costing governments between $500 billion and $600 billion a year in lost corporate income tax revenue, and globally corruption is significantly draining our budgets.
“We know that there are gaps, loopholes, and vulnerabilities.
“New cases are emerging every day detailing the pilfering of resources, money laundering, tax evasion, bribery, and other financial crimes.
“No one is immune from this scourge. These gaps or other leakages to government revenues have real consequences in all countries, from developed to developing,’’ he said.
The UNGA president said that the work of the panel would complement efforts at enhancing the effectiveness and efficiency of the global economic and financial systems.
The President of ECOSOC, said that raising and mobilising the additional $2.5 billion investment needed for implementation of the SDGs would not be an easy task.
Juul, however, said that it was possible but would require exploration of all possible avenues for additional funding.
“We must discover how much of that additional investment could be offset by real financial transparency and integrity.
“We must find out how much we could gain from closing the gap and vulnerabilities in our systems through combating bribery and corruption, preventing money laundering and recovering stolen assets.
“These open questions are exactly what this panel is tasked with examining,’’ she said.
Speaking, co-chairman of the panel, Amb. Ibrahim Mayaki, described illicit financial flows as a global problem affecting all countries, regions, and people around the world.
Mayaki, who is the chairman of the New Partnership for Africa’s Development (NEPAD), said the panel would help to improve implementation of relevant legal and institutional frameworks.
“The voices and experiences of you authorities, from law enforcement to authorities to financial intelligence units and anti-corruption agencies will be very helpful to the panel in understanding the challenges you face on the ground.
“We also need to hear from you policy makers about your vision for the future,’’ he said.
Mayaki added that the panel was also counting on the support and inputs of other stakeholders including civil society, the media, business communities and financial institutions.
The News Agency of Nigeria (NAN) reports that the panel is expected to meet no fewer than four times across different regions and submit its report in February, 2021.
`The report will come with evidence-based recommendations on how to make the systems for financial accountability, transparency and integrity more comprehensive, robust, effective, and universal in approach, according to the office of the PGA.