FTC Submission to the Financial Accountability Transparency and Integrity Panel
November 30th, 2020
Submission date: November 30, 2020
The Independent Working Group on Illicit Financial Flows, a project of the Financial Transparency Coalition (FTC), coordinated this submission to the Financial Accountability Transparency & Integrity Panel (FACTI Panel), to share their considerations on the nature and aspects of illicit financial flows (IFFs) and raise their concerns about how various tax abuses are not adequately recognized, acknowledged or tackled in the current tax system. Meanwhile, the same abusive structures also facilitate financial crime, making the two issues closely interrelated.
This submission also recognises that current context brings a vital opportunity to move forward the stalled debate around defining and tackling IFFs, an issue whose importance has never been greater given the ongoing COVID-19 pandemic.