Tackling Illicit Financial Flows (IFFs) at the United Nations: what will the FACTI Panel deliver?

UN Monitor 13

On 28 January 2020 the President of the General Assembly (PGA), Tijjani Muhammad-Bande, and the President of ECOSOC, Mona Juul announced a new initiative: “a high-level panel on international financial accountability, transparency and integrity (FACTI)”. This joint endeavour is framed as a means to target and recover assets for investment in the Sustainable Development Goals.

At present, the UN estimates the financing gap to achieve the Sustainable Development Goals (SDGs) totals a staggering $2.5 trillion. Proponents of a robust and strong agenda on tackling illicit financial flows (IFFs) suggest that this gap could in part be closed by addressing the various forms of illicit financial flows that divert or “rob” governments of vital public resources that could and should be invested in public goods to achieve the SDGs.