Conference on Financing Sustainable Development Curbing Illicit Financial Flows
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International Conference on Financing for Development - Curbing Illicit Finalcial Flows (UN ESCWA) Beirut, Lebanon November 2018
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Conference on Financing Sustainable Development Curbing Illicit Financial Flows
- 1. Mahmoud Mohieldin Senior Vice President Conference on Financing Sustainable Development Curbing Illicit Financial Flows Beirut, November 28, 2018 @wbg2030 worldbank.org/sdgs
- 2. The SDGs present a major opportunity for transformation Global development agendas serve as a guide for countries to determine their national development path MDGs (2000-2015) SDGs (2016-2030) Goals/Targets/Indicators 8/21/60 17/169/~230 Priority Areas Human Development Holistic: Economic, Social, Environmental Scope Developing Countries Universal
- 3. (i) economic—helping the low-income countries achieve the SDGs (ii) social—the importance of inclusion and equity (iii) environmental— tackling climate change (iv) governance—the centrality of strong institutions Four dimensions of achieving the SDGs
- 4. Economic Dimensions of Achieving the SDGs 1 Economic effects of lack of access to essential services 2 High levels of debt, especially in low-income countries 3 Prioritizing lower income countries 4 Partnerships are key
- 9. Source: From billions to trillions – MDB contributions to financing for development, July 2015
- 11. Notes: Components of IFFs include both source of funds and motivations of IFFs and may not be mutually exclusive. Individual transactions from different channels may be combined by actors to try to obscure the source, motivation and/or use of funds. Size of arrows does not represent the magnitude of flows, and are illustrative rather than comprehensive. Source: IATF A general definition of what constitutes IFFs
- 12. Heat Map of Illicit financial Flows, by country as percentage of GDP – An issue focused in developing economies, which have less resources to achieve the SDGs Source: Mbeki IFF Report, 2015
- 13. Source: IATF – Coherent Policies for Combatting IFFs, July 2016
- 15. Mahmoud Mohieldin Senior VP Thank You worldbankgroup.org/sdgs Follow us on twitter @WBG2030 Mahmoud-Mohieldin on @wbg2030 worldbank.org/sdgs
Notas do Editor
- 1) And 2) Low-income countries are borrowing more on non-concessional terms, increasing interest service costs.
- Income Inequality Income inequality has become one of the global economy’s greatest challenges. Inequality has been reduced between countries. But not within countries. Reducing inequality, research suggests an important role for public investment in health, education, and social protection systems. The private sector also has a role to play. Gender Inequality The sad reality is that girls and women all over the world continue to face the daily indignities of discrimination, harassment, and too often violence as well. About 90 percent of countries have some legal restriction on women’s economic activity. invest in the SDGs and boost women’s empowerment, which in turn lays the groundwork for broader SDG success.
- The Paris Agreement. Countries committed to reducing carbon emissions—with the goal of stopping global temperatures rising by more than 2 degrees Celsius over pre-industrial levels. This commitment will entail moving toward a zero-carbon global economy over the coming decades. Carbon Pricing. Carbon pricing comes with many advantages. It is easy to administer if done by integrating carbon charges into fuel tax systems. Adaptation to this new normal will also be important. Vulnerable countries will need to invest in areas such as coastal protection and more resilient infrastructure and agriculture
- Good governance is essential. If institutions are weak, the odds of SDG success are severely handicapped. This is why the SDGs call for “effective, accountable and inclusive institutions at all levels.” By undermining trust and delegitimizing institutions, corruption makes it hard for countries to take the collective decisions needed to advance the common good. Successful anti-corruption initiatives are built on institutional reforms that emphasize transparency and accountability—for example, shining a light on all aspects of the government budget. A related problem is the massive extent of tax avoidance and tax evasion. One estimate is that the wealth in offshore financial centers reaches 10 percent of global GDP. This makes it really difficult to finance the SDGs.