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The High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) has launched its report on February 25, 2021 (here below).
The report provides 14 recommendations to combat illicit financial flows and cement ‘financial integrity for sustainable development’. They represent an ambitious set of measures to reform, redesign and revitalize the global architecture, so it can help the world invest in recovery from COVID-19, combatting climate change, reducing poverty, and achieving the SDGs. The FACTI Panel is asking governments to agree to a Global Pact for Financial Integrity for Sustainable Development by reforming global finance, restoring public funds and using them, based on countries’ priorities. The challenge is systemic in nature and calls for systemic solutions. Now isn’t the time for the lowest common denominator approach but instead for governments to be ambitious and thus unlock the large resources currently being drained from public finances.