The second Organization for Economic Cooperation and Development (OECD) multinational forum on tackling financial crime, including corruption, tax fraud and money laundering, has been recently held in Rome.
In launching its event, the OECD highlighted that fiscal and financial crimes impact both developing and developed nations, with vast sums involved. Estimates have put total proceeds from such illicit activities at 3.6% of global gross domestic product. To tackle the issue advanced nations have mandated the OECD to provide recommendations on improving inter-agency cooperation in this area, and
to ensure that all territories implement and adhere to international standards.
Building upon the first global event on tax and crime held in Oslo last year, senior officials from authorities of almost 60 countries, as well as the World Bank, the International Monetary Fund, the Financial Action Task Force, the United Nations, non-government organizations, and members of the private sector, attended the Rome event to discuss an ambitious new agenda, and map out a plan to fight financial crime more effectively, through a more joined up approach.
Opening the event OECD Deputy Secretary-General Richard Boucher, said: “The crisis has led to a loss of trust and confidence. Coherent, coordinated and effective action to fight corruption, money laundering, tax crimes and other illicit flows and to promote integrity and transparency is now crucial to restore citizens confidence.”
In support of the agenda, the OECD launched two new reports in Rome. 'Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes' is the first in-depth study of domestic inter-agency cooperation in over thirty countries. In particular it identifies current challenges and recommends ways to improve inter-agency cooperation. The second report, 'The Catalogue of Instruments for International Cooperation Against Tax Crimes and other Financial Crimes' provides, for the first time, a holistic view across instruments for international cooperation in tax, corruption, supervision, money laundering, and other areas of mutual legal assistance.
In addition, in recognition that not all jurisdictions, particularly developing countries, have the investigative skills necessary for successful criminal tax investigations, participants agreed to launch a pilot training programme to establish an international academy on criminal tax investigations.
In launching its event, the OECD highlighted that fiscal and financial crimes impact both developing and developed nations, with vast sums involved. Estimates have put total proceeds from such illicit activities at 3.6% of global gross domestic product. To tackle the issue advanced nations have mandated the OECD to provide recommendations on improving inter-agency cooperation in this area, and
to ensure that all territories implement and adhere to international standards.
Building upon the first global event on tax and crime held in Oslo last year, senior officials from authorities of almost 60 countries, as well as the World Bank, the International Monetary Fund, the Financial Action Task Force, the United Nations, non-government organizations, and members of the private sector, attended the Rome event to discuss an ambitious new agenda, and map out a plan to fight financial crime more effectively, through a more joined up approach.
Opening the event OECD Deputy Secretary-General Richard Boucher, said: “The crisis has led to a loss of trust and confidence. Coherent, coordinated and effective action to fight corruption, money laundering, tax crimes and other illicit flows and to promote integrity and transparency is now crucial to restore citizens confidence.”
In support of the agenda, the OECD launched two new reports in Rome. 'Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes' is the first in-depth study of domestic inter-agency cooperation in over thirty countries. In particular it identifies current challenges and recommends ways to improve inter-agency cooperation. The second report, 'The Catalogue of Instruments for International Cooperation Against Tax Crimes and other Financial Crimes' provides, for the first time, a holistic view across instruments for international cooperation in tax, corruption, supervision, money laundering, and other areas of mutual legal assistance.
In addition, in recognition that not all jurisdictions, particularly developing countries, have the investigative skills necessary for successful criminal tax investigations, participants agreed to launch a pilot training programme to establish an international academy on criminal tax investigations.
