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UN group launches blueprint to tackle global tax abuse

The United Nations flag

A group of world leaders have launched a blueprint for a United Nations (UN) tax convention and a new intergovernmental tax body under the UN to radically tackle rampant global tax abuse.

The blueprint was prepared by the UN High-Level Panel on International Financial Accountability, Transparency and Integrity.

This group was launched in March 2020 to study the impact of tax abuse, money laundering and illicit financial flows on the ability of states to meet the UN’s Sustainable Development Goals by 2030.

Currently, global tax abuse is estimated to cost countries over $427 billion in lost revenues to tax havens every year.

The BVI, The Cayman Islands and the United Kingdom are currently considered among the most notorious tax havens which help the world’s wealthy to hide their money.

Last year, a new study published by the Tax Justice Network showed that annually, the BVI accounts for some 3.81 percent of global tax loss.

This means the BVI accounts for almost four percent of the money that other countries around the world would have collected as tax from corporations and used to fund public services.

In the meantime, the report, from the high-level UN panel, identifies tax abuse and other illicit financial flows as a systemic problem that “robs billions of a better future” and that can only be addressed by “nothing less than a transformation of the global financial system” led at the United Nations.

The findings of the high-level panel’s report will be presented to UN member states by current and former heads of state from a number of countries, including Lithuania, Niger, Norway and Pakistan, signalling the strongest levels of global support to date for efforts to bring international taxation under the mandate of the UN.

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  1. One World says:

    So all countries of the World should allow the UN to dictate their tax policies? The One World Order is at it again.

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    • @One World says:

      Your comment makes no sense. Ther UN was created to try to promote harmony and peaceful solutions to disagreements globally. In todays wols, where no impact of an action is contained locally, we NEED harmonised tax regulation. Why should Cayman and BVI profit whilst, for example, Americans suffer from international terrorism which has been funded by money hidden in BVI? The UK needs to get on this themselves as well. A disgusting amount of money being laundered in the UK/ London property market which is driving up prices for everyone.

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  2. Really says:

    You all can blame racism and anything and everything else you want but the bottom line is the offshore corporation to hide assets is dead. It will take a couple of years but the BVI living off of this is ending and with it the flow of money. You didn’t save for a Rainey day and you didn’t prepare for the end. Now you will suffer because your leadership is non existent.

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    • @really says:

      you are talking from your rectum sir – nobody here is in the business of hiding anything.

      Our financial services industry system actually is ahead of most countries. we just don’t have the skilled, courageous and sustained advocacy from our leaders and the UK to educate people what it is we do and why. The EU and socialist countries spend huge resources on the disinformation campaign and their nebulous proxies like TJN – curious that this site never has any critique or comment of their press releases though…

      The OTs cannot escape from the escapades of the forty years ago and how that image remains perpetuated in films and novels. Characters always do something untoward via a numbered account in “the Caymans”. Nobody calls it the “the Caymans” and you can’t open an account without laborious KYC, much less a “numbered account”. The crooks really use US dollars (why do we need the $100 bill again?), US, Singapore, Switzerland, Hong Kong, Dubai and UK property, art, jewelry, English or Delaware corporations, the Seychelles and Mauritius, Panama, Nevis… Its much more difficult to be up to no good in Cayman, BVI, Bermuda, Guernsey, Jersey. This said, there will always be criminals and they will always be able to corrupt people to assist them in turning proceeds into the system and to safe haven stores of value. We just have to have appropriate systems, that do not violate basic human rights including to privacy, and enforce the laws

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      • EU Citizen says:

        Exactly what “services” are you providing?
        Exactly what of what you do are you better at doing than all the highly educated and infrastructure rich financial centers around the world?
        What a joke.

  3. Tax abuse says:

    isn’t tax abuse when large amounts of the tax money is spent on endless wars in far flung countries?

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