UN Panel Seeks Punishment For Lawyers, Accountants Enabling Financial Crimes

The United Nations high-level panel on International Financial
Accountability, Transparency and Integrity (FACTI) has called for
punitive measures against bankers, lawyers and accountants enabling
financial crimes.

Ibrahim Mayaki, FACTI co-chair and former prime minister of
Niger, made the call on Thursday, during the launch of the panel’s
report.

“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,” he said.

The panel, convened by the 74th president of the united nations
general assembly and the 75th president of the economic and social
council on March 2, 2020, is co-chaired by Mayaki and Dalia
Grybauskaitė, former president of Lithuania.

FACTI seeks to contribute to the overall efforts undertaken by
member states to implement the vision of the 2030 agenda for
sustainable development.

In its report, the panel asked multinationals to publish
accounting and financial information on a country to country
basis.

It noted that countries should adopt transparency in government
and create a centralised registry for holding beneficial ownership
information on all legal vehicles.

“International anti-money-laundering standards should require
that all countries create a centralised registry for holding
beneficial ownership information on all legal vehicles. The
standards should encourage countries to make the information
public,” the report reads.

“Improve tax transparency by having all private multinational
entities publish accounting and financial information on a
country-by-country basis.

“Building on existing voluntary efforts, all countries should
strengthen public procurement and contracting transparency,
including transparency of emergency measures taken to respond to
COVID-19.”

The UN panel asked countries to develop legislative framework in
pursuing cross-border financial crimes.

It demanded protection for journalists, human rights defenders,
anticorruption advocates and whistle blowers across the world.

The panel also called for an international tax convention to
resolve tax disputes and other global tax concerns.

Speaking at the event, Geoffrey Onyeama, minister of foreign
affairs, said Nigeria will implement the UN panel report to boost
economic recovery and achievement of sustainability agenda.

He said the report will help to improve financial integrity,
transparency and accountability.

“I would also like to emphasize that for the international
community to recover better from the COVID-19 pandemic and
accelerate the achievement of the 2030 agenda, we must implement
all recommendations contained in the FACTI panel’s file report,” he
said.

“These recommendations, if implemented, have the potential to
significantly reduce existing structures that make it impossible
for countries to generate a sizable chunk of their resources.

“The panel has correctly underscored that transformative change
can only be possible when all countries commit to acting together
for the greater good of the larger part of humanity. So we must
take collective action to combat illicit outflows and establish
financial integrity in all countries or region.

“We are gratified that the FACTI panel has made recommendations
that can lead us towards a fairer international tax regime as well
as address the continuing advocacy for country by country
reporting, open disclosure, and automatic exchange of information
on beneficial ownership and also eliminate financial secrecy
jurisdictions.”

The United Nations high-level panel on International Financial
Accountability, Transparency and Integrity (FACTI) has called for
punitive measures against bankers, lawyers and accountants enabling
financial crimes.

Ibrahim Mayaki, FACTI co-chair and former prime minister of
Niger, made the call on Thursday, during the launch of the panel’s
report.

“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,” he said.

The panel, convened by the 74th president of the united nations
general assembly and the 75th president of the economic and social
council on March 2, 2020, is co-chaired by Mayaki and Dalia
Grybauskaitė, former president of Lithuania.

FACTI seeks to contribute to the overall efforts undertaken by
member states to implement the vision of the 2030 agenda for
sustainable development.

In its report, the panel asked multinationals to publish
accounting and financial information on a country to country
basis.

It noted that countries should adopt transparency in government
and create a centralised registry for holding beneficial ownership
information on all legal vehicles.

“International anti-money-laundering standards should require
that all countries create a centralised registry for holding
beneficial ownership information on all legal vehicles. The
standards should encourage countries to make the information
public,” the report reads.

“Improve tax transparency by having all private multinational
entities publish accounting and financial information on a
country-by-country basis.

“Building on existing voluntary efforts, all countries should
strengthen public procurement and contracting transparency,
including transparency of emergency measures taken to respond to
COVID-19.”

The UN panel asked countries to develop legislative framework in
pursuing cross-border financial crimes.

It demanded protection for journalists, human rights defenders,
anticorruption advocates and whistle blowers across the world.

The panel also called for an international tax convention to
resolve tax disputes and other global tax concerns.

Speaking at the event, Geoffrey Onyeama, minister of foreign
affairs, said Nigeria will implement the UN panel report to boost
economic recovery and achievement of sustainability agenda.

He said the report will help to improve financial integrity,
transparency and accountability.

“I would also like to emphasize that for the international
community to recover better from the COVID-19 pandemic and
accelerate the achievement of the 2030 agenda, we must implement
all recommendations contained in the FACTI panel’s file report,” he
said.

“These recommendations, if implemented, have the potential to
significantly reduce existing structures that make it impossible
for countries to generate a sizable chunk of their resources.

“The panel has correctly underscored that transformative change
can only be possible when all countries commit to acting together
for the greater good of the larger part of humanity. So we must
take collective action to combat illicit outflows and establish
financial integrity in all countries or region.

“We are gratified that the FACTI panel has made recommendations
that can lead us towards a fairer international tax regime as well
as address the continuing advocacy for country by country
reporting, open disclosure, and automatic exchange of information
on beneficial ownership and also eliminate financial secrecy
jurisdictions.”