FACTI Panel

FACTI Panel Logo

The United Nations High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) "aims to contribute to the implementation of the 2030 Agenda for Sustainable Development..." It launched in March, 2020 at the United Nations headquarters.

FACTI Panel Report

The FACTI Panel Report "issues 14 recommendations to reform, redesign and revitalize the global architecture, so it can effectively foster financial integrity for sustainable development."

"In its report, Financial Integrity for Sustainable Development, the FACTI Panel says stronger laws and institutions are needed to prevent corruption and money laundering, and that the bankers, lawyers and accountants who enable financial crime must also face punitive sanctions."

A key recommendation from the FACTI Panel is related to "tax evasion and tax avoidance" which, according to a FACTI Panel report, "lacks an international convention..."

Launch

From the United Nations website:

The High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI) launched officially on 2 March 2020 at United Nations headquarters.

Speaking at the launch’s opening, President of the UN General Assembly Mr. Tijjani Muhammad-Bande described the overarching goal of the Panel’s work: “Our aim is to contribute to efforts which will enable the global economic and financial systems to work better for everyone, everywhere,” he said.

Joining President Muhammad-Bande at the launch were the President of the Economic and Social Council Ms. Mona Juul, FACTI Panel Co-Chair Dr. Ibrahim Mayaki, and Panel members Ms. Irene Ovonji-Odida and Ms. Susan Rose-Ackerman.

“We have a considerable deficit in development financing,” said Dr. Mayaki, speaking at a press conference after the launch. “We have not mobilized sufficient resources to achieve the 2030 Agenda.”

At the launch event, Mayaki called on United Nations Member States, civil society and the media to contribute to the work of the panel. “The voices and experiences of your authorities – from law enforcement to tax 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,” he said. “We also need to hear from your policymakers about their vision for the future.”

The event at the Trusteeship Council Chamber included the formal announcement of 12 of the 15 panel members, and brief statements from the floor on the Panel’s establishment.

Members of the international community, including UN Member States and representatives of civil society organizations, urged the Panel to build on the work of existing platforms for financial accountability, transparency and integrity for the benefit of sustainable development. They welcomed the opportunity to engage with the panel from its inception. They requested to continue this engagement so that they could provide timely feedback. Such open approach was widely appreciated..."

FACT Coalition

The FACT Coalition petitioned the United Nations in a letter dated May 24, 2020 regarding the "United Nations High Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel)". The letter was signed by Clark Gascoigne, Interim Executive Director and Erica Hanichak, Government Affairs Director.

The letter read in part:

"Increasingly, the wealth stripping practices of tax avoidance, tax evasion, and corruption are seen as leading drivers of global poverty, and financial secrecy is understood to be a significant tool in weakening democracies."

[...]

"Over the past few decades, lost revenue in the U.S. and other developed nations has led to (sometimes draconian) austerity measures. Governments have cut back on vital services, underfunding education, health services, investments in infrastructure that would spark additional economic activity, and more. In the U.S., after years of funding cuts, food assistance for low-income families now averages less than $1.50 per person per meal."

[...]

"Ending financial secrecy, closing tax loopholes, and shutting down tax haven abuse are critical levers in the effort to disrupt the status quo and fundamentally alter the way in which we approach international agreements and the economics of poverty and inequality."