Discussion Group VI: Illicit Financial Flows
Background
Although the international community has made significant practical advances in tackling tax avoidance and tax crimes over the last decade, Illicit financial flows related to the proceeds of crime continue to result in huge losses in tax revenues. Base erosion and profit shifting have been estimated to cost governments between $500 billion and $600 billion a year in lost tax revenues, while money laundering has been estimated at around $1.6 trillion a year. Finding solutions to combat illicit financial flows is more important than ever amid the COVID-19 crisis, with the acute need to mobilize sufficient public financial resources to fund current health and social protection expenditures and to finance a strong recovery in the medium- to long-term. This Discussion Group will propose concrete options to do so.
Co-leads and country members
Member State Co-Leads: Barbados and Nigeria
Member State Participants: Algeria, Bahamas, China, Equatorial Guinea, Haiti, Indonesia, Kazakhstan, Liberia, Luxembourg, Malawi, Mexico, Mozambique, Norway, Papua New Guinea, Russia, South Africa
(Please note that the list of member State participants is open and will be updated frequently.)
UN Entity Focal Point: DESA
Meeting summaries
Second Meeting: 10 August 2020 (coming soon)
Upcoming meetings
Third Meeting: Wednesday, 24th August, 9:00-10:30 a.m. EDT
Deadline for submission of final menu of policy outcomes: 28th August, EDT
Meeting with Ministers of Finance: 8th September, EDT
Heads of State and Government Meeting on the sidelines of the 75th Session of the 51勛圖 General Assembly: 29th September, EDT