On Tuesday, Tijjani Muhammad-Bande and Mona Juul, the President of the UN Economic and Social Council, ECOSOC, introduced a joint initiative to establish a high-level panel on financial accountability, transparency and integrity, called FACTI.
“It is critical that Member States get behind the panel’s work, both substantively and financially”, he urged, noting that in light of the Decade of Action, it would help promote faster progress towards achieving the 2030 Agenda on Sustainable Development.
He said the flow of illicit cash and goods on the international black market, impacts every nation’s ability to mobilize domestic resources.
Moreover, it is a cross-border problem that requires “inclusive multilateral action”.
ECOSOC chief Ms. Juul said that this year was “a significant milestone in our journey” to implement the 2030 Agenda and strengthen multilateralism and appealed to everyone to “make the world a better place for us and for those coming after us”.
She noted that both the major UN bodies are working together within the framework of the 2030 Agenda to end poverty, reduce inequality, protect the planet and ensure peace and justice for all.
“Financing for development (FFD) is a priority for my ECOSOC presidency”, she stated, stressing the need to show “real progress” in eliminating the flow of illicit finance.
Ms. Juul set out a timeline, saying the panel would be launched in early March and its members to meet “face-to-face at least four times, in different regions of the world”.
“It is a tight schedule, but we are aware of the urgency to address these issues”, she stated.
The panel will produce an interim report in July 2020, and its final report with recommendations in January 2021.
Meanwhile, Deputy Secretary-General Amina Mohammed highlighted three areas where she felt collaboration between the Assembly and ECOSOC “can make a strong contribution”.
In this regard, she cited the importance of cooperation across the UN System, the High-Level Political Forum and the centrality of the ECOSOC-General Assembly partnership.
She concluded by encouraging the joint efforts “We look forward to working closely with you all as we make 2020 a year of urgency, and the 2020s a decade of action to deliver the SDGs”.