The Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has been appointed a member of the United Nations High-Level Panel on International Financial Accountability, Transparency, and Integrity for Achieving the 2030 Agenda (FACTI Panel).
Launched on 2nd March 2020, the FACTI Panel was jointly established by the President of the United Nations General Assembly, H.E. Tijjani Muhammad-Bande and the President of the United Nations Economic and Social Council, H.E. Mona Juul.
The objective of the panel is to stem the tide of escalating issues of tax evasion, tax avoidance, money laundering, and corruption, especially in an era of digital economic activity. There is also a need to put more effort into global prevention of financial crimes, as well as the creation of a level playing field, end financial opacity to equitably mobilize global resources.
The FACTI Panel is also tasked with making recommendations that will address gaps, impediments, and vulnerabilities in international institutional and legal frameworks related to financial accountability, transparency, and integrity in the global financial system, which according to Panel Co-Chair, Dr. Dalia Grybauskaitė, former President of Lithuania, ‘is overdue for changes’.
Underscoring the significance of the Panel’s task in facilitating desired changes, Co-Chair, Dr. Ibrahim Mayaki, former Prime Minister of Niger, stated at the inaugural meeting of the Panel held on a virtual platform due to COVID-19 related restrictions, highlighted some of the reasons for setting up the panel.
“In this time of global crisis instigated by the COVID-19 pandemic, the importance of robust, reliable public resources becomes especially clear. I look forward to working closely with fellow Panel members to make recommendations toward a less porous, more equitable financial system.”
Dr. Grybauskaitė expressed hope that the FACTI Panel would provide some of the building blocks for a more just and equitable financial system after the COVID-19 crisis.
The FACTI Panel consists of 17 members drawn from policymakers, academia, civil society, and the private sector. (VON)
