Realistic Sustainable Development Goals
Creating achievable goals to guide the fight against poverty
One of the major endeavors Academics Stand Against Poverty engaged in through 2014 was to identify realistic Sustainable Development Goals that would help end the many illicit financial flows that continue to widen the gap between rich and poor.
Some of ASAP’s most promising findings came from a study that sought collaboration, debate, and communal answers from a group of 27 experts from a wide variety of fields and backgrounds. Here are their top 10 policy options:
1) Require disclosure of the ultimate beneficial owners of companies, and of the controlling parties of trusts and foundations
2) Reform international tax rules so that the taxable profits of multinational corporations are aligned with the location of their economic activity
3) Require public reporting of funds paid to governments for the sale of natural resources such as oil, gas, metals, and minerals, and the use of those funds
4) Significantly increase developing country tax authority capacity
5) Implement automatic exchange of tax-relevant financial information on a global basis
6) Implement public country-by-country reporting for multinational corporations
7) Require that all governments carry out clear, reliable, frequent, and timely public fiscal reporting and that governments’ fiscal policy-making process be open to public participation
8) Increase capacity building, training, and resources for law enforcement for work on financial sector investigations
9) Impose tougher sanctions, including jail time, on professionals who facilitate illicit financial flows, e.g. senior officers from global banks, accounting firms, law firms, insurance firms, and hedge funds
10) Harmonize anti-money laundering regulations internationally.
If you wish to learn more, the full report is available on the Academics Stand Against Poverty website.