Systemic tax abuse, corruption, and money laundering slow down climate action, says the United Nations’ High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel).
The FACTI Panel, which includes former world leaders and central bank governors, business and civil society heads and academics, says bankers, lawyers, and accountants who enable financial crime must face punitive sanctions.
The panel has today released its final report, “Financial Integrity for Sustainable Development,” in which it says stronger laws and institutions are needed to prevent cross-border corruption and money laundering. As much as 2.7% of the global GDP is laundered by criminals annually.
Electrek spoke with Dalia Grybauskaitė, FACTI co-chair and the former president of Lithuania, about how governments can tackle climate change with global finance reform.