Together with the UN, the Bank has backed the stolen asset recovery initiative to recoup the assets stolen from developing countries, estimated at up to $1.6 billion per year. The programme will sponsor research into the development impacts of cross-border flows derived from crime, corruption and tax evasion; work with financial centres to strengthen due diligence; and advocate that professional associations take greater responsibility. In another welcome development, Bank president Zoellick wrote a letter in September to Norway’s minister of international development Erik Solheim, agreeing to collaborate on a study of the development impact of off-shore financial centres. The Tax Justice Network has been invited to advise on the process.
New briefing by ActionAid USA and the Bretton Woods Project highlights research showing that IMF policy advice has undermined a just energy transition since the Paris Agreement was signed.
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