New UN initiative to support financial systems that ‘work better for everyone, everywhere’

IFAD Buthaina Ahmed Ibrahim, 28, is harvesting sesame. She will use the seeds to make and sell sweets. She is one of 30,000 rural women across Sudan whose lives have been turned around as a result of micro-financing.

This article is brought to you in association with the United Nations.


From developed to developing countries, no nation is immune from financial “gaps and vulnerabilities”, the President of the UN General Assembly said on Monday.

Speaking at the High-level Panel on International Financial Accountability, Transparency and Integrity (FACTI) for Achieving the 2030 Agenda, Tijjani Muhammad-Bande warned that gaps, or the illegal siphoning off of government revenues, “have real consequences in all countries”.

The informal interactive dialogue, which was jointly convened by the General Assembly and Economic and Social Council (ECOSOC) Presidents, aims to implement the vision of the 2030 Agenda to make global economic and financial systems fair and equitable.

While acknowledging the work of international bodies to promote cleaner, more transparent financing as part of implementing the Sustainable Development Goals (SDGs), Mr. Muhammad-Bande noted that many questions have arisen surrounding the gaps and vulnerabilities.

“By some estimates, the equivalent of 10 per cent of world GDP [gross domestic product] is held in off-shore financial assets”, he observed, adding that “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”.

Citing “gaps, loopholes and vulnerabilities”, the Assembly president maintained that “new cases are emerging every day”, highlighting the negative impacts of pilfering, money laundering, tax evasion, bribery and other financial crimes.

He reminded those assembled of their pledge “to leave no one behind” and spelled out that if this activity continues, “least developed countries will be unable to deliver adequate health care and education to their populations and fail to achieve our collective Sustainable Development Goals”.

“We have entered the Decade of Action and Delivery, and our focus must now be firmly fixed on implementing the ambitious and transformational blueprint of the 2030 Agenda for Sustainable Development”, Mr. Muhammad-Bande stressed.

“Our aim is to contribute to efforts which will enable the global economic and financial systems to work better for everyone, everywhere”.

‘A better world for all’

He said the new interactive dialogue process seeks to “add insight in areas where they are needed, open up the conversation, and find ways to accelerate progress”.

He added he was looking forward to ideas and recommendations emerging “that Member States can get behind” and commended all Member States “for their commitment to fighting corruption and for taking steps to prevent bribery and money laundering”.

Mr. Muhammad-Bande also acknowledged agreements from Member States’ to share tax data, along with their commitment to asset recovery and return.

“I recognize that the support from, and solidarity within, the international community has been, and will be, critical in facilitating successful outcomes”, he stated,

He encouraged those present to “galvanize multilateral support and strengthen international institutions to secure gains and make further progress”.

“I urge you to lend your efforts to this movement, as you do to all other actions towards achieving Agenda 2030”, he concluded. “I am confident that by working together we can succeed in creating a better world for all”.

The joint initiative to establish the FACTI panel was announced in January.

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Tackling obesity would boost economic and social well-being

Sudan: UN rights chief alarmed over ‘excessive force’, alleged use of live fire against protestors

What are the real debates surrounding immigration in an increasingly globalized world?

FROM THE FIELD: New sensors protect vulnerable Malawians against deadly lightning

Change is happening – and young people are leading the way forward

Greek citizens to pay the price again but Tsipras risks losing next elections

It’s time to ‘eliminate the scourge of conflict-related sexual violence’, urges UN chief

Violence will not deter Somali people in their pursuit of peace, says UN chief, in wake of lethal attacks

From sun-powered trikes to mind-controlled TV – 10 top gadgets unveiled at CES 2020

Third Facebook-Cambridge Analytica hearing: data breach prevention and cures

This electric plane has flown successfully for 30 minutes – is this the future of flying?

EU approves disbursement of €500 million in Macro-Financial Assistance to Ukraine

A Wholesome Health Care for Transgenders: Sex Reassignment Surgery

Germany: A grand coalition may trouble employers and bankers

Bank resolutions and recapitalisations by the ESM may end up politically swayed

There’s no vaccine for the infodemic – so how can we combat the virus of misinformation?

Cameroon: Clear ‘window of opportunity’ to solve crises rooted in violence – Bachelet

Water supply a human right but Greeks to lose their functioning utilities

Coronavirus: here’s what you need to know about face masks

An economist explains how to go carbon neutral in our lifetime

Coronavirus: Pandemic alert should be trigger for countries to do more against COVID-19

We need a fresh approach to climate change migration. This is why

As Houthi forces withdraw from key Yemeni ports, UN monitoring chief welcomes ‘first practical step on the ground’

Commission refers Denmark to the Court for failing to fulfil its obligations in relation to the name “Feta”

EU, Brazil to hold high level Summit in Brasilia

Summertime Consultation: 84% want Europe to stop changing the clock

In Rome you can swap plastic bottles for metro tickets

MWC 2016 LIVE: T-Mobile US reveals 5G trial plans

Localized microfactories – the new face of globalized manufacturing

GSMA Mobile 360: Connecting Cities, Connecting Lives, Connecting Europe

Protecting workers from biological agents: how to classify SARS-CoV-2

Nauru President warns of possible climate change ‘economic Armageddon’

“Private” sea freight indexes hide Libor like skeletons?

Time to be welcome: Youth work and integration of young refugees

Migrant workers sent more money to India than any other country last year

How the diaspora is helping Venezuela’s migration crisis

Gender inequality in the medicine field: two commonly issues

Meet Alice, the battery-powered plane that could herald the age of electric air travel

European Banking Union: no one is perfect

This graphene battery can recharge itself to provide unlimited clean energy

UN ‘stands in solidarity’ with cyclone-hit India – Secretary-General Guterres

Commission’s action plan: financial world mandatory links to environmental targets

Children are forgetting the names for plants and animals

What are plastics and why do they matter? An explainer

Turkey caught in a vicious Syrian circle bringing terror and war at home

Trump’s MAGA policy remains unchanged as EU warns to impose additional retaliation tariffs on US products

The first new university in the UK for 40 years is taking a very different approach to education

COVID-19: Single market must emerge stronger from the crisis, say MEPs

The Commission offers exit from the EU budget stalemate

Why banks escape from competition rules but not pharmaceutical firms

Korea should improve the quality of employment for older workers

Air pollution: How to end the deaths of 7 million people per year?

There is no patient safety without healthcare workers’ safety

The community and a decent working conditions for the young health workforce

Here’s what a Korean boy band can teach us about globalization 4.0

From a refugee camp to Davos: one Co-Chair’s story

‘Grave consequences’ await if new deadly escalation of violence in Gaza continues – top UN official

Asian and Pacific economies: decreases in tax revenue highlight need to broaden tax bases

Scotland in United Kingdom: It’s either the end or the beginning of the end

A young student discusses the determinants of migration in the European Union

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s