FACTI Panel

(asked on 16th March 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the report of the UN High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (the FACTI panel), what steps he is taking to ensure that the (a) panel meets (i) nationally and (ii) across the Crown Dependencies and Overseas Territories and (b) recommendations of that panel to tackle illicit finance including international tax abuse are implemented.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 22nd March 2021

The UK welcomes and supports efforts to enhance financial accountability, transparency and integrity and notes the recommendations within the FACTI Panel’s report.

In relation to illicit finance, the UK shares many of the concerns related to the negative impact of illicit finance, both in its impact on the volume of funds available for development, and the significant costs that the illicit activities related to the financial flows place on society. The UK recognises the Financial Action Task Force (FATF) as the international standard setter on anti-money laundering and counter terrorist financing. The FATF found that the UK has one of the strongest systems in the world for combatting illicit finance.

In relation to international tax abuse, the UK has long been a standard-setter and early adopter of OECD international tax standards. This includes international commitments on tax transparency aimed at tackling tax avoidance and evasion, offshore financial centres, and money laundering. The UK will continue to advance international cooperation and develop international standards on tax through the OECD as the primary standard-setting body on global tax matters.

The Overseas Territories and the Crown Dependencies have full control over their own fiscal matters. They have the right to set their own policy to support their economies, within international standards and determine their own tax rates. All Crown Dependencies and Overseas Territories with a financial centre have made commitments to implementing global OECD standards on tax transparency and have agreed to introduce publicly accessible registers of company beneficial ownership.

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