<p>A UN panel says tax abuse, corruption and money laundering are draining hundreds of billions of dollars from governments that could help the world's poor.</p>.<p>A report from the high-level panel on International Financial Accountability, Transparency and Integrity published Thursday said governments can't agree on the problem or the solution. But they're also losing an estimated $500 billion due to corporate tax avoidance from profit-sharing enterprises.</p>.<p>In addition, the panel estimated that $7 trillion in private wealth is hidden in tax haven countries, with 10 per cent of world GDP held offshore, and that money laundering amounts to around $1.6 trillion per year, or 2.7 per cent of global GDP.</p>.<p>“Corruption and tax avoidance are rampant,” said former Lithuanian president Dalia Grybauskaitė, a panel co-chair. “Too many banks are in cahoots and too many governments are stuck in the past. We're all being robbed, especially the world's poor.”</p>.<p>She said trust in the finance system is essential to tackle global challenges including poverty, climate change and the Covid-19 pandemic.</p>.<p>“Instead we get dithering and delay bordering on complicity,” Grybauskaitė said. The report said criminals exploited the Covid-19 pandemic as governments relaxed controls to speed up health care and social protection.</p>.<p>“Our weakness in tackling corruption and financial crime has been further exposed by ... Covid-19,” said former Niger prime minister Ibrahim Mayaki, a panel co-chair.</p>.<p>“Resources to stop the spread, keep people alive and put food on tables are instead lost to corruption and abuse.</p>.<p>The panel's goal is to help achieve UN goals for 2030 that include ending extreme poverty, preserving the environment and achieving gender equality. </p>
<p>A UN panel says tax abuse, corruption and money laundering are draining hundreds of billions of dollars from governments that could help the world's poor.</p>.<p>A report from the high-level panel on International Financial Accountability, Transparency and Integrity published Thursday said governments can't agree on the problem or the solution. But they're also losing an estimated $500 billion due to corporate tax avoidance from profit-sharing enterprises.</p>.<p>In addition, the panel estimated that $7 trillion in private wealth is hidden in tax haven countries, with 10 per cent of world GDP held offshore, and that money laundering amounts to around $1.6 trillion per year, or 2.7 per cent of global GDP.</p>.<p>“Corruption and tax avoidance are rampant,” said former Lithuanian president Dalia Grybauskaitė, a panel co-chair. “Too many banks are in cahoots and too many governments are stuck in the past. We're all being robbed, especially the world's poor.”</p>.<p>She said trust in the finance system is essential to tackle global challenges including poverty, climate change and the Covid-19 pandemic.</p>.<p>“Instead we get dithering and delay bordering on complicity,” Grybauskaitė said. The report said criminals exploited the Covid-19 pandemic as governments relaxed controls to speed up health care and social protection.</p>.<p>“Our weakness in tackling corruption and financial crime has been further exposed by ... Covid-19,” said former Niger prime minister Ibrahim Mayaki, a panel co-chair.</p>.<p>“Resources to stop the spread, keep people alive and put food on tables are instead lost to corruption and abuse.</p>.<p>The panel's goal is to help achieve UN goals for 2030 that include ending extreme poverty, preserving the environment and achieving gender equality. </p>