Illicit financial flows and related problems threaten least developed countries’ ability to deliver adequate health care and education and threaten the achievement of the SDGs.
The High-level FACTI Panel will provide an independent review of institutional and legal frameworks related to financial accountability, transparency and integrity.
The Panel's first meeting is tentatively scheduled for 30 March-1 April 2020, in Oslo, Norway.
The UN General Assembly (UNGA) President and UN Economic and Social Council (ECOSOC) President have launched the High-level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI). The 15-member Panel is convened to help address the financing gap for implementing the SDGs by 2030.
FACTI was first announced in late January 2020.
The Panel will present an interim report during ECOSOC’s High-level Segment in July 2020.
After the September 2019 High-level Dialogue on Financing for Development held at UN Headquarters as part of the UNGA’s high-level week, the Assembly’s Second Committee (Economic and Financial) developed a resolution that:
- acknowledges that combating illicit financial flows contributes to domestic resource mobilization;
- calls upon the relevant organizations of the UN system, within their respective mandates and resources, to continue their consideration of the negative impact of illicit financial flows on financing the 2030 Agenda, to further explore policy responses to the phenomenon and to coordinate their efforts in this regard; and
- invites the President of the UNGA, the President of ECOSOC and the UN Secretary-General to give appropriate consideration to the importance of combating illicit financial flows and strengthening good practices on assets return to foster sustainable development, and in this regard invites all relevant international institutions to support these efforts, in accordance with their respective mandates.
UNGA President Tijjani Muhammad-Bande addressed the launch of the Panel, held in New York, US, on 2 March 2020. He explained that illicit financial flows and related problems threaten least developed countries’ ability to deliver adequate health care and education and threaten the achievement of the SDGs. He also noted that having entered the Decade of Action and Delivery, the UN must focus on implementing the 2030 Agenda, and the Panel will help make global economic and financial systems to “work better for everyone, everywhere.” In particular, the Panel’s independent review of existing institutional and legal frameworks related to financial accountability, transparency and integrity can identify gaps, impediments and vulnerabilities in their design and implementation, including with regard to their comprehensiveness, effectiveness and universality.
The Panel’s first meeting is tentatively scheduled for 30 March-1 April 2020, in Oslo, Norway. The panel will produce an interim report in July 2020, for presentation during ECOSOC’s High-level Segment. Following additional consultations a final report with recommendations will be submitted in February 2021.
The Terms of Reference provides information on the qualifications for panel members, the expected roles of panel members, the panel secretariat and funding sources, and the tentative timeline for the Panel’s work. [Terms of reference] [Press conference with FACTI co-chair Ibrahim Miyaki] [FACTI panel website] [Launch meeting webcast]