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Billions of people around the world are being trapped in poverty by systemic tax abuses, corruption and money laundering, according to a UN commission report calling for a global crackdown. The UN panel on financial integrity for sustainable development urged governments to overhaul tax rules and the banking system to help end poverty and tackle the climate emergency. It said up to 10% of the world’s wealth could be hidden offshore at a time when governments were under growing financial strain because of the Covid pandemic, and as inequality soars. The panel of world leaders, central bank governors and business and civil society representatives said criminals were laundering assets worth as much as 2.7% of global GDP each year. Full story

25 February