Financial Transparency Coalition

PRESS RELEASE

With BRICS Summit just days before the Financing for Development Conference, emerging country leaders have unique opportunity

In keeping with their commitment to reform the international financial system, the BRICS group of nations have the opportunity to use their summit this week as a precursor to ensuring that tangible results emerge from the Financing for Development (FfD) Conference in Addis Ababa, Ethiopia.

“In representing some of the world’s most dynamic economies, the leaders of Brazil, Russia, India, China and South Africa should utilize their growing influence to push for an outcome in Addis that includes equitable changes to the international financial system,” said Pooja Rangaprasad, Policy Coordinator for the Financial Transparency Coalition.

One of the key proposals on the table at the FfD Conference will be the creation of an intergovernmental commission on tax matters under the UN. This body would ensure that all countries have a say when reforming global tax rules.

“The OECD has taken ownership of the agenda to crack down on tax dodging and illicit financial flows, which means that a club of 34 wealthy countries is rewriting rules for a financial system in which nearly 200 countries operate,” said Alvin Mosioma, Executive Director of the Tax Justice Network Africa. “While developing countries have been belatedly brought into the fold, their participation has lacked one key feature: a vote in the process.”

“As Chair of the G77, South Africa has the opportunity to act as a bridge between developed and developing countries, and ensure that reforms encompass a global perspective, not just the countries with the most influence”, Mr. Mosioma added.

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Notes to Editors:

1. The Financial Transparency Coalition is a global network that works to curtail illicit financial flows through the promotion of a transparent, accountable, and sustainable financial system that works for everyone.
2. Tax Justice Network – Africa is a pan-African initiative promoting socially just, democratic, and progressive taxation systems in Africa.
3. The BRICS Summit takes place in Ufa, Russia from 8-9 July.
4. The UN Financing for Development Conference will be held in Addis Ababa, Ethiopia from 13-16 July.

Contacts:  

1. Christian Freymeyer, Financial Transparency Coalition, cfreymeyer@financialtransparency.org or +1.410.490.6850
2. Kwesi Obeng, Tax Justice Network – Africa, kobeng@taxjusticeafrica.net or +254.726. 804.400