PHM-Exch> UN Leadership Necessary for Fairer Tax Cooperation

Thu Apr 1 09:03:38 PST 2021

From: Jomo from Challenging Development <jomoglobaldev at substack.com>

Illicit financial flows (IFFs) hurt all countries, both developed and
developing. But poor countries suffer relatively more, accounting for
nearly half the loss of world tax
revenue. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
UN Leadership Necessary for Fairer Tax Cooperation
<https://email.mg2.substack.com/c/eJxVkk1v4jAQhn8NuYH8kTjJIYctlG1WJS3dFsFeIscZgyGxI9uBhl-_AU6V5kMzo1cjzTOCe9gbO2SdcT64hdIPHWQaLq4B78EGvQNbqjojNMaIsTios7DGSZQEypXSArRcNZm3PQRdXzVKcK-MvivCMEFJcMgQjwhjXGIkEgpVKpHkMaEkllhESMBjMe9rBVpABmewg9EQNNnB-85N6K8JWY52NK3ZN6biTQ3nmesr57k4zYRpx2E3eq-nDfAarDuobqpBgHPcDlNp7FRyZcFO6NKbE-gJXcDwBwuyGbakOeVHM6yu4nu12JFiuCjxO73Wy7T7N8_Z6romq-uKFse1y9vmUN96n7vv4pqT1fELF-qi-HasjkaJl416_cxRsdhf3ua5y3WBdypnuX46C7r2ot0cdvSjq0io5HqG3EBl3X74Kq123fH8_pb09Ol1s31_nn_9LZ5RPnQvSF7f5XjtjCCCUYgwimkUhTM8i0SKEJUiqiIepwmLK5QgRlEaRRVOAE1C1O7Jj0MFNnPi0EvP9Tjd39jd2yO6csxtr5UfStC8aqB-UPWP57hzLvegwY5PU5fcZ5jhmDASRSwJ0wfEETsNGaUxC4Nxb21Glc5-gPsPDZvTyA>Illicit
financial flows (IFFs) hurt all countries, both developed and developing.
But poor countries suffer relatively more, accounting for nearly half the
loss of world tax revenue.

<https://email.mg2.substack.com/c/eJxVkMluxCAMhp9muDVihxw49NLXiFicDC2BCMhUefsyM6dKFjZeMP_nbYet1MscpXX0PJZ-HWAy_LYEvUNFZ4O6xGAoUwRLqVAwPBAtNIptWSvAbmMyvZ6AjtOl6G2PJb8mONdYo7shFKRgbAUnLFd4XCSnq5gphdU5rN6L7RkiZA8GHlCvkgElc-_9aDf2eaNfw77LXrZUnE0BHlM7XevW_0y-7KN4QDkSjEAzhRXjH89uFA3FlGCOycgJwScyCT9jzFYvxm_UrKVyWGPJ8CyEIxrwjeN9o_-eR9U0fz_XbvOobk_Fr_QQvAy_nzn2a4FsXYLwZtHfSF90lg0y1IE6LLYbIomikgohNZ_f0gcsxiVjSnI09oYyprL5J_cPI5uNJQ>
Jomo
<https://email.mg2.substack.com/c/eJxVkMluxCAMhp9muDVihxw49NLXiFicDC2BCMhUefsyM6dKFjZeMP_nbYet1MscpXX0PJZ-HWAy_LYEvUNFZ4O6xGAoUwRLqVAwPBAtNIptWSvAbmMyvZ6AjtOl6G2PJb8mONdYo7shFKRgbAUnLFd4XCSnq5gphdU5rN6L7RkiZA8GHlCvkgElc-_9aDf2eaNfw77LXrZUnE0BHlM7XevW_0y-7KN4QDkSjEAzhRXjH89uFA3FlGCOycgJwScyCT9jzFYvxm_UrKVyWGPJ8CyEIxrwjeN9o_-eR9U0fz_XbvOobk_Fr_QQvAy_nzn2a4FsXYLwZtHfSF90lg0y1IE6LLYbIomikgohNZ_f0gcsxiVjSnI09oYyprL5J_cPI5uNJQ>
Apr 1
<https://email.mg2.substack.com/c/eJxVUsuu2jAQ_RqyK3L8SrLI4goKCmqg0Fso3USOPQTn3cS5EL6-DrSLK1kzmhmfeR4pDGRNN4Zt0xtnEokZWwhruPUlGAOdM_TQJVqFmHgu4txzVEiV6zPf0X1y6QAqocvQdAM47ZCWWgqjm_qJoNRHvnMNKTApFJeYXZAAjzCs8IWQAJgnfI-xV2ExKA21hBA-oBubGpwyvBrT9jPyNsMr-_KmarKySUWp4GPeD2lvhCzmsqlsULTayg_XiimdVc_OvnQg5NTRjKxMU4DVSxg3rsTH8Rcuiyhvxvgh7_HyjLfjTct18FCroP29iHj82OP4EZNtvu-jelOeT1skTsFgMZq2uIj0TYvTCln7vs2_kjg_j9v3n_jbYtNKEuud3tzUKTJxvke75Rud_kty1BNeVsfrmRzaFFN92c-77Id344f4QO56VcCwK29_7pDvlwf0fbNbvq_ZOlpkLqKrYob5YKqkb4ZOgp3m_x7--StQeqimKafxHR1ihC0OucguntG5O2cyQIhcJEuZ8AKfeynyEScoYCx1fUAziqoMf9qv04W9vA4XI2obzabMT7e9eGJ1NdTajAnUIi1BvchgXpx6dpFkUENnuaYSYUKXux7mmDHu0-B1e8sWQjkhHqeOrasai6rDT_f-C3cR5co>
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<https://email.mg2.substack.com/c/eJxVkk1v4yAQhn9NfEuEwcb2wYft19arxm26bdTsxcIwjkltsAAndX794qY9VAIk3mE07zAPZw722kz5oK0L5qNy0wC5gpPtwDkwwWjBVFLkmCQhojQJRB6JMI3TQNqqMQA9k13uzAjBMNad5MxJrT4zoihFadDmUVOjJEOkbtIaA-Aki2kYZiJjMaFpgi-F2SgkKA45HMFMWkHQ5a1zg12QXwt859dB93rf6Zp1Ao4rO9bWMf6-4rr3wcHvUS07YAKMbeWwVMDBWmamZaPNsmHSgFmQO6ffQS3IDUx_Qo630xvu3ouDntZn_rG-2eFyOkn-OzuLu2z4d13Q9XmD1-c1KQ8bW_RdK2btZfdRngu8PryGpTxJ9uZvBy35_VY-vBSovNmfHq8LW6gy3MmCFurqyMnG8X7b7sjzUONINpsVshNpRP_s6qzeDYfj02M6kquH7dvT7fXr3_IWFdNwj5rzU5MuMB1dX1k9Gg7e_Xf3X3oPQo793NU8ji-Ra-VAufl1ywx4lfF5ON9CIHOMcIgiFKKExHG0ClcxzxAiDY_rmCVZSpMapYgSlMVxHaaAFhHq9_jH5wcmt7wdG8eUj-5nA5-yx8Fb6PtRSTdVoFjdgbiQ4i7AfZqt9qDAeBBFxVwe0jDBFMcxTaPsAoZHiUSUkIRGga8rtM9S-Q8Y_gNFT_ED>

*UN Leadership Necessary for Fairer Tax Cooperation*

By Anis Chowdhury
<https://email.mg2.substack.com/c/eJwlkEuOhSAQRVfzmLXhLw4Y9KS3YRBKpVvB8HnG3Tf6kgpFLqm63GNNgSWmSx8xF3QfY7kO0AHOvEEpkFDNkEbvNGU9wVL2yGnuiBIK-TzOCWA3ftMlVUBHnTZvTfExPBOcK6zQqrngBqiaHUjK7MCEUY4aw2wP8zy3lY-xqc5DsKDhDemKAdCm11KOF_t-0Z9W53l2_sj337oApSmmljWm-xJ8_rJrPN1a09UE5DXFlGCOCe6ZELwjnbADxmy2YhKmH5TsJ6ywZHgQYiIK8IvjfaFdrlMuxv51Nu4o6WzXOhcT2utyR33klnRsfa_Bl2uEYKYN3AdC-bB8sIwLBEiNsRtN0USSnkoqhFR8-GRulBiXjPWSo-brYpsK-jfucdniZDYH73-gRYw9>
 and Jomo Kwame Sundaram
<https://email.mg2.substack.com/c/eJwlkMuOwyAMRb-m7BrxhixYzGZ-I-LhpkwTiHg06t8PbSXLtq5l2fd422DN5WWOXBt6p6W9DjAJzrpBa1BQr1CWGAxlimApFQqGB6KFRrEutwKw27iZVjqgo7stettiTp8NzjXW6G40gCDY37QUms6Easdn4RgHDkorib-HbQ8RkgcDTyivnABt5t7acWE_F_o74jzPKR71_duUoA3F9nbPZTR_ec_Xx2l3uNaegi12HyqKhmJKMMcEKyYEn8gk_Iwxu3nhhFWzlsphjSXDsxCOaMAXjveVTrW72qx_TD7vqJjq7_3WbBrT9e33Iw-7y6h7T7G9FkjWbRC-JNoX6IfNskKCMkCHxTZDJFFUUiGk5vPX-EDFuGRMSY7G3ZDHVjJvS-uWnd0CPP8BDLqMww>

*SYDNEY and KUALA LUMPUR, Apr 1 2021 (IPS) *- Illicit financial flows
(IFFs) hurt all countries, both developed and developing. But poor
countries suffer relatively more
<https://email.mg2.substack.com/c/eJwlkcuK6zAMhp-m2Z3gu52FF8OBgdkOsze-yGnmOHawnZa-_XFbEBLoR0j_J287rKU-9FFan57J9McBOsO9Jegd6nQ2qGYLmlCJkRByCpoFrLiatmZiBdjtlnSvJ0zH6dLmbd9Kfk0wppCarloIJqJaGBMoIhXBRwFcEAoeU6m8eC-2Z9gge9Bwg_ooGaakr70f7UI_LuRzxHmkYkP701qa7-BiKvfZl30oHJALCwTrFBMKCyCCBkHpU4oyMhal8JFEjCUlnjgekfn8-PvzZb7yMLnt5huOUruJW7bJVLjNR4jTpgkiGDGEkaScsxnP3C8I0ei541YuSkiHFBIULZw7rABdGNpXMrfTtW79v-d9U9XNX8_YbR7q-uT1ag9cZtT9zFt_GMjWJQhvkv39kBdbs0KGOh4VjO0aCyyJIJwLxZY3uIGasmFWCjaNvaGMqax_y17WVJxNAW7_AY9ooGA>,
accounting for nearly half the loss
<https://email.mg2.substack.com/c/eJwlkUmO7CAQRE9T7Mpixl6w6M2_hsWQtunGUAJcw-0_LksogkGpyHw402DN5aMfuTZ0ytw-D9AJXjVCa1DQUaHMwWvKFMFSKuQ192QUIwp1XgrAbkLUrRyAHoeNwZkWcvpWcD7iEW1aEqWcNZPEagQ8WbBMUawwnwzxlogr2Bw-QHKg4QnlkxOgqLfWHvXGfm70X1-v12sI-zLksvYTvHt7ycS-7cG129JOMcn77hSTqRs-pRn3F0Na72vM1sR7M-_7Zp6Q6r1u5p3TsLUdBU0xJZhjghUTgg9kEG7CmC1OWGHUNEpl8Yglw5MQlvRZbhzvKx1qzz8zBpd3VHR127E0k_rretL5Xvce5-77kUL7zJCMjeAvbu3C_yU5r5Cg9G_xs2madHRUUiHkyKcLUwfLuGRMSY56rs-9KunfvOdrOA_P_2mgm4Y>
of
world tax revenue.

IFFs refer to cross-border movements of money and other financial assets
obtained illegally at source, e.g., by corruption, smuggling, tax evasion,
etc. This often involves trade mis-invoicing
<https://email.mg2.substack.com/c/eJxVUc2SpiAMfBq5jYX8iB44bO3OPMHeLYSozCpYEL8d335QT1NFpVMdmoSONQhzTKfeY0ZyhQHPHXSA_3kFREjkyJAG7zTjqqFtq4jTwjWd7IjPw5QANuNXjekAsh_j6q1BH8OtEKKjHVm0scpMJWWqd6bvjVNyLC9YNjaqMVI8jc3hPAQLGl6QzhiArHpB3HPFf1Xso5x58qHMmzyedUxzYXzOBxTEZBy8bT778Ire-jDfCn5J1XuJCF9Y8T9_r3sVk4z-vFsIn28wTxVwia5iv8sYN7GbhOedYXxgeQqlc8jGXn-uideMsoYK2lDFpRR1U0vbU8onK0dpVN-1aqQdbTnt5eUB0ErQbWZ1PsaMxv6rbdxI0tkux4QmlOp8-XvTxd6h4HaEYsAAwYwruMd5fBZ472KYIUAqi3WDQd20jWItk7LtRP8YXVbDRcu5agUpfV0sqqA_4xbnNY5mdfD6Bj0Wr0Y>
and
transnational corporations’ (TNCs) transfer pricing
<https://email.mg2.substack.com/c/eJwlkEuOgzAQRE8T74IM-MfCi9nMNZA_DXEGbMZuwnD7cYLU6paqVGrVcwZhTvnUWypI3mvEcwMd4SgLIEIme4E8Bq-7XrZUCEm8Zr5VXJFQxikDrCYsGvMOZNvtEpzBkOInwZiiijy0UM4JNXEzODoIC54JKwVYz4EKLtn12Ow-QHSg4QX5TBHIoh-IW7n1X7fuu85xHA2av-deMDhoImAVJ_P7th4G76HcMZtYJsj3LQcX4lwtEnRHu5Yy2lLZc86atuFuoLSfHLfcyEEJaamioqcD57ZVQG-MrnPXlN0WNO6ncWklWRf32Cc0sbrzu_VHrqXHetc9BjxHiMYu4C8eeGH9EBpniJArbj8a1K1oZSc6zoViw1W_AuuZ6HspGKl_faqpqJ9pTfOSrFk8vP4Bx2OP7g>
via
‘creative’ accounting or book-keeping.

*Staggering revenue losses*
About US$500–600 billion in corporate tax revenue
<https://email.mg2.substack.com/c/eJwlkcuK6zAMhp-m2Z3gu52FF8OBgdkOsze-yGnmOHawnZa-_XFbEBLoR0j_J287rKU-9FFan57J9McBOsO9Jegd6nQ2qGYLmlCJkRByCpoFrLiatmZiBdjtlnSvJ0zH6dLmbd9Kfk0wppCarloIJqJaGBMoIhXBRwFcEAoeU6m8eC-2Z9gge9Bwg_ooGaakr70f7UI_LuRzxHmkYkP701qa7-BiKvfZl30oHJALCwTrFBMKCyCCBkHpU4oyMhal8JFEjCUlnjgekfn8-PvzZb7yMLnt5huOUruJW7bJVLjNR4jTpgkiGDGEkaScsxnP3C8I0ei541YuSkiHFBIULZw7rABdGNpXMrfTtW79v-d9U9XNX8_YbR7q-uT1ag9cZtT9zFt_GMjWJQhvkv39kBdbs0KGOh4VjO0aCyyJIJwLxZY3uIGasmFWCjaNvaGMqax_y17WVJxNAW7_AY9ooGA>
is
lost yearly to TNCs shifting profits to low-, or no-tax ‘havens’. These
often involve fictitious ‘paper’ transactions at inflated prices among
subsidiaries
<https://email.mg2.substack.com/c/eJwlkMtuxCAMRb9mWEYQnrNg0U3V7ruPeDgZWgIRkIny92UmkmXLtqzre5xpsORy6i3Xhl5paucGOsFRI7QGBe0VyhS8HqkkWAiJvGaeKK5QqNNcAFYTom5lB7TtNgZnWsjpfcGYwgo9NLWOWyepFd45weUsvOGSCzEKMnPDL2Gz-wDJgYYnlDMnQFE_WtvqjX7cxs8ex3EM8xzADUt-9j5tR8_fqbbQ9pdq737y9pWjD2mpKOgRjwQzTLCknLOBDNzdMaZz_4cbeVdCWqywoPjOuSUK8I3hdRmHutvajPsbXF5R0dU99rmZ1LfLy-573N1Ova57Cu2cIBkbwV8g2sXzjWZaIEHpnP1kmiaCyFGMnAvF7pfvTooyQakUDHVdn_tV0r95zUvM1kQPz3-VFY1m>
to
‘move’ profits out of the country where a TNC actually does business and
makes profits, to tax havens where they pay much less, often little or no
tax.

Low-income economies account for some US$200 billion of such lost revenue
<https://email.mg2.substack.com/c/eJwlkUmO7CAQRE9T7Mpixl6w6M2_hsWQtunGUAJcw-0_LksogkGpyHw402DN5aMfuTZ0ytw-D9AJXjVCa1DQUaHMwWvKFMFSKuQ192QUIwp1XgrAbkLUrRyAHoeNwZkWcvpWcD7iEW1aEqWcNZPEagQ8WbBMUawwnwzxlogr2Bw-QHKg4QnlkxOgqLfWHvXGfm70X1-v12sI-zLksvYTvHt7ycS-7cG129JOMcn77hSTqRs-pRn3F0Na72vM1sR7M-_7Zp6Q6r1u5p3TsLUdBU0xJZhjghUTgg9kEG7CmC1OWGHUNEpl8Yglw5MQlvRZbhzvKx1qzz8zBpd3VHR127E0k_rretL5Xvce5-77kUL7zJCMjeAvbu3C_yU5r5Cg9G_xs2madHRUUiHkyKcLUwfLuGRMSY56rs-9KunfvOdrOA_P_2mgm4Y>,
typically involving much higher shares of their national incomes
<https://email.mg2.substack.com/c/eJwlkUmO7CAQRE9T7Mpixl6w6M2_hsWQtunGUAJcw-0_LksogkGpyHw402DN5aMfuTZ0ytw-D9AJXjVCa1DQUaHMwWvKFMFSKuQ192QUIwp1XgrAbkLUrRyAHoeNwZkWcvpWcD7iEW1aEqWcNZPEagQ8WbBMUawwnwzxlogr2Bw-QHKg4QnlkxOgqLfWHvXGfm70X1-v12sI-zLksvYTvHt7ycS-7cG129JOMcn77hSTqRs-pRn3F0Na72vM1sR7M-_7Zp6Q6r1u5p3TsLUdBU0xJZhjghUTgg9kEG7CmC1OWGHUNEpl8Yglw5MQlvRZbhzvKx1qzz8zBpd3VHR127E0k_rretL5Xvce5-77kUL7zJCMjeAvbu3C_yU5r5Cg9G_xs2madHRUUiHkyKcLUwfLuGRMSY56rs-9KunfvOdrOA_P_2mgm4Y>
than
in advanced economies. This is much more than the US$150 billion or so they
receive annually in official development assistance
<https://email.mg2.substack.com/c/eJwlUEluxCAQfM1wiwVm9YFDLvmGxdL2kNhgQXsi_z5kLLWqN5VKVcEhrKVe9igNyT_MeB1gM_y2DRChkrNBnVO0I9eMKqVJtCIyIw1JbV4qwO7SZrGeQI7Tbyk4TCW_GUIYasjTjl5zrSfnA8DiJu8ZYz4sHhxf1CLFLezOmCAHsPCCepUMZLNPxKM9-Odj_OoVHbqhQIhDqWvfS3QdM-BHn4Yn7iTZkY6MCsqo5lKKgQ0yTJTyJUgvnZ6M0p4aqjidpPTMAH0Iuq_j0E7f0IWfIZSdVNvC81zQ5f5d_w2-z93f3Pt-5oTXDNn5DeJtHe8E32HMK2SoPdk4O7RMMT2qUUplxHQ77dlwoTjXSpCuG0tnZftd9rJuxbstwusP2OGIZg>
.

About US$7 trillion of private wealth
<https://email.mg2.substack.com/c/eJwlkcuK6zAMhp-m2Z3gu52FF8OBgdkOsze-yGnmOHawnZa-_XFbEBLoR0j_J287rKU-9FFan57J9McBOsO9Jegd6nQ2qGYLmlCJkRByCpoFrLiatmZiBdjtlnSvJ0zH6dLmbd9Kfk0wppCarloIJqJaGBMoIhXBRwFcEAoeU6m8eC-2Z9gge9Bwg_ooGaakr70f7UI_LuRzxHmkYkP701qa7-BiKvfZl30oHJALCwTrFBMKCyCCBkHpU4oyMhal8JFEjCUlnjgekfn8-PvzZb7yMLnt5huOUruJW7bJVLjNR4jTpgkiGDGEkaScsxnP3C8I0ei541YuSkiHFBIULZw7rABdGNpXMrfTtW79v-d9U9XNX8_YbR7q-uT1ag9cZtT9zFt_GMjWJQhvkv39kBdbs0KGOh4VjO0aCyyJIJwLxZY3uIGasmFWCjaNvaGMqax_y17WVJxNAW7_AY9ooGA>
is
hidden in tax haven countries
<https://email.mg2.substack.com/c/eJwlkM2OhCAQhJ9mOBr-wQOHvexrGMBWmVUw0s6ub7_MmHSqk-pUOvVFjzCX43J7qUjeMuC1g8vwW1dAhIOcFY4hjY4Lw6jWhoxOjswqS1IdpgNg82l1eJxA9jOsKXpMJX8SUlpqyeLAhH6ik40hcM-5tUHxoCkTRgRhFbsf-3NMkCM4eMFxlQxkdQviXh_i68G_20RcUof-73lWTBG6DNhcyE1IcpxyRiVl1AilZMc6FXtKxRRVUN70VptALdWC9koFZoE-JN1m3tUzVPTxp4tlI4ercTkn9Lld53e1j92aDW1vZ054DZB9WGG8S-PN7oNhmCHD0ZiOg0fHNDNcc6W0lf3dsVERUgthtCTt71haKrtn2cq8luDXEV7_a9OFSg>,
such as Singapore, Panama or Switzerland; about 10% of world income may be
secretly held offshore in tax havens. US Fortune 500 companies alone held
about US$2.6 trillion offshore in 2017
<https://email.mg2.substack.com/c/eJwlkUmO7CAQRE9T7Mpixl6w6M2_hsWQtunGUAJcw-0_LksogkGpyHw402DN5aMfuTZ0ytw-D9AJXjVCa1DQUaHMwWvKFMFSKuQ192QUIwp1XgrAbkLUrRyAHoeNwZkWcvpWcD7iEW1aEqWcNZPEagQ8WbBMUawwnwzxlogr2Bw-QHKg4QnlkxOgqLfWHvXGfm70X1-v12sI-zLksvYTvHt7ycS-7cG129JOMcn77hSTqRs-pRn3F0Na72vM1sR7M-_7Zp6Q6r1u5p3TsLUdBU0xJZhjghUTgg9kEG7CmC1OWGHUNEpl8Yglw5MQlvRZbhzvKx1qzz8zBpd3VHR127E0k_rretL5Xvce5-77kUL7zJCMjeAvbu3C_yU5r5Cg9G_xs2madHRUUiHkyKcLUwfLuGRMSY56rs-9KunfvOdrOA_P_2mgm4Y>
.

Various studies in 2016–2017 estimated rich individuals had stashed a
staggering U$8.7–36 trillion in tax havens
<https://email.mg2.substack.com/c/eJwlkUmO7CAQRE9T7Mpixl6w6M2_hsWQtunGUAJcw-0_LksogkGpyHw402DN5aMfuTZ0ytw-D9AJXjVCa1DQUaHMwWvKFMFSKuQ192QUIwp1XgrAbkLUrRyAHoeNwZkWcvpWcD7iEW1aEqWcNZPEagQ8WbBMUawwnwzxlogr2Bw-QHKg4QnlkxOgqLfWHvXGfm70X1-v12sI-zLksvYTvHt7ycS-7cG129JOMcn77hSTqRs-pRn3F0Na72vM1sR7M-_7Zp6Q6r1u5p3TsLUdBU0xJZhjghUTgg9kEG7CmC1OWGHUNEpl8Yglw5MQlvRZbhzvKx1qzz8zBpd3VHR127E0k_rretL5Xvce5-77kUL7zJCMjeAvbu3C_yU5r5Cg9G_xs2madHRUUiHkyKcLUwfLuGRMSY56rs-9KunfvOdrOA_P_2mgm4Y>,
depriving national authorities of personal income tax of around US$200
billion yearly worldwide. Annually, about US$20–40 billion is used for
bribery, while around 2.7% of global GDP is criminally laundered.

“These abuses threaten Governments’ ability to provide basic goods and
services, and drain resources from sustainable development”. This warning
in last year’s interim report
<https://email.mg2.substack.com/c/eJwlkcuK6zAMhp-m2Z3gu52FF8OBgdkOsze-yGnmOHawnZa-_XFbEBLoR0j_J287rKU-9FFan57J9McBOsO9Jegd6nQ2qGYLmlCJkRByCpoFrLiatmZiBdjtlnSvJ0zH6dLmbd9Kfk0wppCarloIJqJaGBMoIhXBRwFcEAoeU6m8eC-2Z9gge9Bwg_ooGaakr70f7UI_LuRzxHmkYkP701qa7-BiKvfZl30oHJALCwTrFBMKCyCCBkHpU4oyMhal8JFEjCUlnjgekfn8-PvzZb7yMLnt5huOUruJW7bJVLjNR4jTpgkiGDGEkaScsxnP3C8I0ei541YuSkiHFBIULZw7rABdGNpXMrfTtW79v-d9U9XNX8_YbR7q-uT1ag9cZtT9zFt_GMjWJQhvkv39kBdbs0KGOh4VjO0aCyyJIJwLxZY3uIGasmFWCjaNvaGMqax_y17WVJxNAW7_AY9ooGA>
of
the FACTI Panel, or High-Level Panel on International Financial
Accountability, Transparency and Integrity for Achieving the 2030 Agenda,
has been largely ignored.

Thus, IFFs involve massive wealth theft from developing countries,
typically ending up hidden in tax havens, depriving governments of revenue.
The fiscal shortfall has become more dire with the huge new challenges of
COVID-19 pandemic relief, recovery and reform needed to build a more
sustainable future for all, leaving no one, or country, behind.

*Illicit flows condoned*
IFFs have long existed, but are still growing. Practices enabling them have
long been condoned by authorities in many rich countries. Most major tax
havens are in a few such economies or their territories.

The top three havens for TNCs
<https://email.mg2.substack.com/c/eJwlUMmOhCAQ_ZrmaNjBA4e59G8YhFKZUTCAbfv3Q7fJS1VSS97ibIU55cvsqVT0KUO9djARzrJCrZDRUSAPwRvKFMFSKuQN90QLjUIZpgyw2bCamg9A-zGuwdkaUvx-cK6xRouhRGnJGjD2E6PEYvCcKUEnK3ql3U1sDx8gOjDwgnylCGg1S617ebCfB302nOfZuZT3lJvsat-LfUEM0cO7S3luBygYiinBHBOsmBC8I51wPcZscmIUVvVaqhFr3KT0QoxEA35wvM20K8dYqnV_jWBD2RS3HFO1sW3nj8HvuPkbWt-OGOo1QLTjCv62Xu8Ev2EMM0T4SPSDrYZIoqikQkjN-9tpy4ZxyZiSHDVen9pXNL9pS_OaRrt6eP0DD96IEQ>
–
the British Virgin Islands, Bermuda and the Cayman Islands – are all
British overseas territories, while Switzerland, the US and the Cayman
Islands are the three favourites of rich individuals
<https://email.mg2.substack.com/c/eJwlkMtuxCAMRb9mWEa8IQsW3fQ3Ih5OhpZABKRt_r7MRLJsyVf21T3edthKvcxRWkevtvTrAJPhtyXoHSo6G9QlBkOZIlhKhYLhgWihUWzLWgF2G5Pp9QR0nC5Fb3ss-X3BucYaPY1jTK7UYh1AkVVR5VZOqWVEEwLSytvYniFC9mDgB-pVMqBknr0f7cE-HvRz1BqzzT7a1MBX8FfMAf4mX_ahoWgopgRzTLBiQvCJTMLPGLPVCyesmrVUDmssGZ6FcEQDfnC8b3Rqp2vd-u_XJ1RN889z7TYPdXtle69HtGXM_cyxXwtk6xKEO3W_4b05LBtkqANqWGw3RBJFJRVCaj7fIQcWxiVjSnI0fEMZV9l8lb1sqTibAvz8A4nfhl8>
.

Offshore tax havens drain ever more resources from poor countries as
opportunities have grown. When one jurisdiction crafts a new tax loophole
or secret facility to attract mobile money, others try to outdo them in an
inevitable race to the bottom
<https://email.mg2.substack.com/c/eJwlkUmO7CAQRE9T7Mpixl6w6M2_hsWQtunGUAJcw-0_LksogkGpyHw402DN5aMfuTZ0ytw-D9AJXjVCa1DQUaHMwWvKFMFSKuQ192QUIwp1XgrAbkLUrRyAHoeNwZkWcvpWcD7iEW1aEqWcNZPEagQ8WbBMUawwnwzxlogr2Bw-QHKg4QnlkxOgqLfWHvXGfm70X1-v12sI-zLksvYTvHt7ycS-7cG129JOMcn77hSTqRs-pRn3F0Na72vM1sR7M-_7Zp6Q6r1u5p3TsLUdBU0xJZhjghUTgg9kEG7CmC1OWGHUNEpl8Yglw5MQlvRZbhzvKx1qzz8zBpd3VHR127E0k_rretL5Xvce5-77kUL7zJCMjeAvbu3C_yU5r5Cg9G_xs2madHRUUiHkyKcLUwfLuGRMSY56rs-9KunfvOdrOA_P_2mgm4Y>
.

Meanwhile, poor countries have been encouraged to provide more generous tax
benefits to corporations
<https://email.mg2.substack.com/c/eJwlkMuOhSAMhp_msNOAcnPBYjbzGoZL9TCDYADH-PaDx6Rpk7Z__vazusKa8qX2VCq601yvHVSEswSoFTI6CuTZOzWMgmDOBXKKOiKZRL7MSwbYtA-q5gPQfpjgra4-xY-CUokleiuL7QLM0sk4xxlfFsq4E5I6pwVlxD3G-nAeogUFf5CvFAEF9a51L6_x6zV8tzjPs_d7uY_rI9TWGfCAWyGkJdd0Ie0bxNqdKQfXGR1_u3ZeDFdnjuIjlNIWkVdNRzDFBIuRMdqTntkJ43GxzDAtJsmFwRLzEU-MGSIBvyje1qEvhylV29_epg1lVez7WKqObbreGD7tRmFudTuir9cMUZsA7gFUH84fZPMKEXLj72ZdFeFEDHxgjEs6PTwawZHycRScoubr0v2J-klbWkMyOrR__wFSjpVA>
and
wealthy individuals, e.g., by the World Bank’s *Doing Business Report* (DBR),
now discredited for selective data manipulation and political bias
<https://email.mg2.substack.com/c/eJwlkcvO3CAMhZ9m2BFxhyxYdNPXiLg4GfonEAFpOm9fZkZCWBxzbPMRXIet1Jc9S-vovS39dYLNcLcdeoeKrgZ1SdEyrilRSqNoRaRGGpTaslaAw6Xd9noBOi-_p-B6KvnjEMIQg55WCxa4BubZKrwB6YyeKafKwcz9quDb2F0xQQ5g4S_UV8mAdvvs_WwP_uvBfo913_cUR_bfFMoxzu8pR4iuOxzKsNbccIVyQsYR_HgbLqMWvkvdI_Yu_-BYUt6wv1rK0MbloQ2h4dkQzVCyjDBKBKFEcynFRCcZZkL4GqSXTs9GaU8MUZzMUnpqgDwEOTY2tcu37sLPezJUbQvPa-0uj-z25vORB55lxOPKqb8WyM7vEL_k-vcDPiyXDTLUMXxcXLdUUc0Uk1IZMX9BDbRcKM61Emj0jWW4sv1TjrLtxbt9IPoPxhCfCw>
.

Before the 2008-2009 global financial crisis (GFC), the OECD rich
countries’ club made little serious effort to check tax evasion except for
‘offshore’ tax havens. With the GFC, it came under pressure to enhance
members’ ‘fiscal space’ by limiting such massive revenue losses. It has
since focused on Base Erosion and Profit Shifting (BEPS
<https://email.mg2.substack.com/c/eJwlkEluhDAQRU_T3gV5xiy86E2ugTwUtBOwkW2acPuYRipVqSZ9_edMhTnlU2-pVHSlsZ4b6AhHWaBWyGgvkMfgNWU9wVL2yGvuiRIKhTJOGWA1YdE174C23S7BmRpS_HxwrrBCL82cdIM1Sk3GTyAlt3hiTFEOGAYlp1vY7D5AdKDhDflMEdCiX7Vu5cGeD_rd4jiOLoHzXcpza6v5a9lCu7jLl3GX9tWioCmmBHNMcM-E4B3phBswZpMTVpi-6fYWKywZHoSwRAF-cLzOtCu7LdW4386lFWVd3GufqoltO19WP-PmdGx13WOo5wjR2AX8DaHeLD9Yxhki5MbYj6ZqIklPJRVCKj7cnhslxiVjveSo6frUvqL-SWual2TN4uH9D7FYiy4>
).

But developing countries have long been excluded from discussions of policy
and regulatory design, even those affecting them. They are only allowed
<https://email.mg2.substack.com/c/eJwlkctq7DAMhp9mvGuQr3EWXpRC4ewOh7M3viiZtI4dYqfDvH09MyAk0M-PpE_BNVzKcTd7qY08km33HU3GW03YGh7krHjYNRrGRwpKjSQaEamWmqzVzgfi5tZk2nEi2U-f1uDaWvLTIYQGTa4mageUdbcXGIBTiVrzibEIOIOT7jXYnXHFHNDgDx73kpEkc21trxf-fmGfPc49FRfrW61puKGfU7kNoWxdkQg-Thid10JpqpApHhXnXVLAcKLAmWMwRVBAMQrHgv18__j_x_51GZP9h3s52rDHmayGQd9VAIWRSykGOsgwAfA5SC_dOGk1etCgOExSeqoRLgK2hQ319LW58P3YiRymhus5N5e7ujwYPdsdke11O_Pa7haz8wnji157PeHJ0y6Y8ejPidY1QxUdmWJSKi2mF6yOl4t-4KgE6XNj6a5svspWllS8SxF_fgHBPpri>
to
join the OECD’s BEPS Inclusive Framework (IF) if they first commit to
implement measures designed without their participation.

However, the US has refused to join
<https://email.mg2.substack.com/c/eJwlkdGOrCAMhp9muMOAAuIFF3tzXsMAVmUXwUhZz7z9MjMJ-Qs0f9t89RZhy9fTnLkgecmMzxNMgrtEQISL1ALXHBbTDyNnSo1kMWLhWmoSyrxeAIcN0eBVgZzVxeAthpzeDiE002Q3Vjs2Arfe9VwJPi2rEsMkV6b6lQnGPo1tXQIkDwZ-4XrmBCSaHfEsj-Hr0f9r577vzifnO5-P9uxZz1pgqgnXTWqhZ42x0FyR5pWijT-FYm6X_xTB73QLNmGhIVFLXcz3Kwn1yic0a7SpdDsekQTTavM2GmfjIKXoeCf9xNiweumkHSetRsc0UwObpHRcA3sIdmx9V6oraP3Pa0RymeL3uqJNLbu9OL2_G6a5xaOmgM8ZknURlg9B_CzizXTeIMHVFrTMFg1XfOxVL6XSYvoAa4gHoYZhVIK0vkturmS-85G3mJ2NC_z-AZMLnxk>
any
initiative allowing others to tax US digital platforms such as Google,
Facebook and Amazon. These tech giants have avoided paying taxes abroad,
with the Trump administration even threatening retaliation
<https://email.mg2.substack.com/c/eJwlkcnOmzAQgJ8mvoG8Yw4-9NLXQF4GcAs2soc_zdvXSaTRrJpF3wSHsJX6sldpSN5qwdcFNsOzHYAIldwN6pKi5WJiVOuJRCsjM8qQ1Ja1ApwuHRbrDeS6_ZGCw1Typ0NKQw3ZLV1nIxhlGlyAiXoZ1qijiVpwFg0338XujglyAAs_UF8lAznsjni1h_j14L-7PJ_PMWQfxlDOHnLKaTeUvX3RFdy1XDDEtCV0x4Du3-ByHPpt59V6WNO6DrhXcNjGHc-DJNuHMCopo5NQSo5sVGGmVKxBeeWm2ejJU0O1oLNSnhmgD0nPjY_t9g1d-Pu-hVTbwn6v6HKvbm8gn3TnsXR73jnha4Hs_AHxiwq_xD_wlg0y1P6JuDi0TLOJa66UNnL-kukshdRCTFqSvjeW3pXtn3KW7SjeHRF-_gPBzpd6>
against
countries trying to tax them.

*UN inclusion initiative*
The 74th President of the UN General Assembly and the 75th President of the
UN Economic and Social Council jointly appointed the FACTI Panel to
identify gaps, impediments and vulnerabilities in the international
economic system allowing, if not enabling abuses and related IFFs.

Its interim report
<https://email.mg2.substack.com/c/eJwlkcuK6zAMhp-m2Z3gu52FF8OBgdkOsze-yGnmOHawnZa-_XFbEBLoR0j_J287rKU-9FFan57J9McBOsO9Jegd6nQ2qGYLmlCJkRByCpoFrLiatmZiBdjtlnSvJ0zH6dLmbd9Kfk0wppCarloIJqJaGBMoIhXBRwFcEAoeU6m8eC-2Z9gge9Bwg_ooGaakr70f7UI_LuRzxHmkYkP701qa7-BiKvfZl30oHJALCwTrFBMKCyCCBkHpU4oyMhal8JFEjCUlnjgekfn8-PvzZb7yMLnt5huOUruJW7bJVLjNR4jTpgkiGDGEkaScsxnP3C8I0ei541YuSkiHFBIULZw7rABdGNpXMrfTtW79v-d9U9XNX8_YbR7q-uT1ag9cZtT9zFt_GMjWJQhvkv39kBdbs0KGOh4VjO0aCyyJIJwLxZY3uIGasmFWCjaNvaGMqax_y17WVJxNAW7_AY9ooGA>
recognised
many international initiatives and instruments for financial
accountability, transparency and integrity, but stressed that
implementation has been wanting. Lack of coordination, trust and inclusion
undermines enforcement of existing rules while preventing better ones from
being made.

FACTI’s February 2021 final report
<https://email.mg2.substack.com/c/eJwlkctq7DAMhp9mvGuQr3EWXpRC4ewOh7M3viiZtI4dYqfDvH09MyAk0M-PpE_BNVzKcTd7qY08km33HU3GW03YGh7krHjYNRrGRwpKjSQaEamWmqzVzgfi5tZk2nEi2U-f1uDaWvLTIYQGTa4mageUdbcXGIBTiVrzibEIOIOT7jXYnXHFHNDgDx73kpEkc21trxf-fmGfPc49FRfrW61puKGfU7kNoWxdkQg-Thid10JpqpApHhXnXVLAcKLAmWMwRVBAMQrHgv18__j_x_51GZP9h3s52rDHmayGQd9VAIWRSykGOsgwAfA5SC_dOGk1etCgOExSeqoRLgK2hQ319LW58P3YiRymhus5N5e7ujwYPdsdke11O_Pa7haz8wnji157PeHJ0y6Y8ejPidY1QxUdmWJSKi2mF6yOl4t-4KgE6XNj6a5svspWllS8SxF_fgHBPpri>
reiterates
that low income countries face tax rules and practices developed without
their involvement. The OECD still calls the shots, with the G20
inconsistently chiming in. Instead, developing countries should be enabled
to enhance revenue by really participating in efforts to tackle tax
avoidance and evasion.

A more coherent, nuanced and equitable approach to international tax
cooperation is urgently needed. But efforts to improve tax information
sharing have been impeded by the absence of an authoritative multilateral
body to collate and analyse tax data.

The Panel recommends a UN Tax Convention with universal participation
enabling countries to come together to find comprehensive solutions. The
co-chairs emphasise
<https://email.mg2.substack.com/c/eJwlkcuK6zAMhp-m2Z3gu52FF8OBgdkOsze-yGnmOHawnZa-_XFbEBLoR0j_J287rKU-9FFan57J9McBOsO9Jegd6nQ2qGYLmlCJkRByCpoFrLiatmZiBdjtlnSvJ0zH6dLmbd9Kfk0wppCarloIJqJaGBMoIhXBRwFcEAoeU6m8eC-2Z9gge9Bwg_ooGaakr70f7UI_LuRzxHmkYkP701qa7-BiKvfZl30oHJALCwTrFBMKCyCCBkHpU4oyMhal8JFEjCUlnjgekfn8-PvzZb7yMLnt5huOUruJW7bJVLjNR4jTpgkiGDGEkaScsxnP3C8I0ei541YuSkiHFBIULZw7rABdGNpXMrfTtW79v-d9U9XNX8_YbR7q-uT1ag9cZtT9zFt_GMjWJQhvkv39kBdbs0KGOh4VjO0aCyyJIJwLxZY3uIGasmFWCjaNvaGMqax_y17WVJxNAW7_AY9ooGA>,
“The issues at hand are global. They call for global cooperation and
engagement by all stakeholders, including non-state actors as well as
governments.”

*UN should lead*
The COVID-19 pandemic has put developed and developing countries into the
same boat as all need massive fiscal resources to finance relief, recovery
and reform measures. Hence, it is in the interest of all to avoid ‘beggar
thy neighbour’ policies to better combat IFFs.

The exclusive OECD is not the right forum to design a multilateral tax
framework to combat IFFs. It does not include, and cannot claim to
represent poor countries, while its track record hardly inspires confidence
to the contrary.

The IMF has near-universal membership, enabling a more inclusive and
balanced approach. Currently, it provides technical support on tax issues
to over a hundred countries annually. But with the Fund’s governance
arrangements and track record stacked against developing countries, it
lacks their support and trust.

The UN is the only forum where all countries are represented on par. Hence,
international tax cooperation consultations should be in the UN, with the
IMF providing fair and balanced technical support. This is the only way to
ensure that developing country interests get due recognition in creating a
fairer international tax architecture.

*Related IPS Articles*

·                Will the New Fiscal Crises Improve International Tax
Cooperation?
<https://email.mg2.substack.com/c/eJwlkEuOwyAQRE8TdrYA8_OCxWzmGhafjsMMBgtwMrn9YEdCtFSloovnTIM1l7fec23ovJb23kEneNUIrUFBR4WyBK_pJAkWQiKvmSeKKxTqci8AmwlRt3IA2g8bgzMt5HQlGFNYoYd2yoMTWFrpDIDBAEw6S62w0uBZ0c9ic_gAyYGGJ5R3ToCifrS236avG_3u5_V6jWGvZ7cxQesKxRT3QejphhiH7g33UJ2JgyuhQh3Ctpf8hCGk_pl0detmM3-Dy3mHcik9joLurxHMMMFy4pyNZORuxni6O265kbMS0mKFxYRnzi1RgG8Mbysd62FrM-53dHlDRVf3OO7NpO6uJ5tL7miWPrcjhfZeIBkbwX-otQ_8i-OyQjo7gV9M00QQSQXlXCg2fyB1rBMT0yQFQ32vzz2V9E_e8hqzNdHD8x9ah52r>

·                OECD Tax Reform Proposal Could Be Better
<https://email.mg2.substack.com/c/eJwlkEmOwyAQRU8TdrGKGS9Y9KavYTGUHbptsDBOOrdvkkjol1RFDf8F13Ap9Wn3cjTykqk9d7QZH8eKrWEl54F1StEyrikopUm0IlIjDUnHNFfEzaXVtnoi2U-_puBaKvndIYQBQ25WMhd0hBCRj953DcbrOHMOblY88M9id8aEOaDFO9ZnyUhWe2ttv_CvC_vu7_F4DGk_XrcNGVvPMKBjDxS6FAzx2tzfteJc6nbda-lj3Xr1bx_9B0mWAaMggILmUoqBDjKMAHwO0kunR6O0BwOKwyilpwbhImBb2HCc_mgu_A6hbKTaI9zOubncq8vL_jvd3U89bmdO7Tlhdn7F-AHTPnzfqKYFM9bOPU6uWaqoZopJqYwYPxw6OS4U51oJ0vfG0ruy_SlbWdbi3Rrx_g9WrJIn>

·                Ensuring Fairer International Corporate Taxation
<https://email.mg2.substack.com/c/eJwlkE2u5CAMhE_T7Doyv4EFi9nMNSICTpqZBCIgr6dvPyQtWbZUVsnlz7uGay4fe-TayNWm9jnQJnzXDVvDQs6KZYrBMj5SUGokwYpAtdQk1mkpiLuLm23lRHKc8xa9azGn2yGEBk1eVitDDfUjlcYzgR6DNLBIBJCa07B8D7szREweLf5g-eSEZLOv1o4H__Vgv3u93-8hHvXKNiRsXWFATR9wNUz1LDGtz8XFguUZU0-f7jBue_pcjlz6t8_m_t1it5BoGTAKAiiMXEox0EF6A8AXL2fpRqPVOIMGxcFIOVON8BCwr2yo51yb838Hn3dSbPWvc2ku9e168bjljmPqcz9TbJ8Jk5s3DF9S7Qv8ZjetmPCKFibXLFV0ZIpJqbQwXzAdJReK81EJ0u-G3F3J_sl7Xrc8uy3gz38WBJgf>

·                South Must Also Set International Tax Rules
<https://email.mg2.substack.com/c/eJwlkcuu4yAMQL-m7BJBeIQsWNzN_Y2IgJMyQyAC007_fmgrWbblh2wfO4tw5PIyV65I3mrF1wUmwbNGQIRCWoWyBm8mPjOq1Ey8EZ5pqUmo614AThuiwdKAXG2LwVkMOX06hNBUk7vZN6mFp8wtM5u0tnbZuwPCeZDSe_4dbJsPkBwYeEB55QQkmjvideM_t-m3y_P5HMNV37uNCbBHJsqWbqjuquaG9-FsFQcbax4q4BBSvyB9FrJxQPtvKC1C7dUkmIlOjArK6MylFCMbpVso5buTm7TzotW8UU0Vp4uUG9NAb4KexzTWtlW07u_o8kmKqe7edrSpZ483ik-4k1i7PVsK-Foh2S2C_0LCL-sPtvWABKX_wK8WDVNsntQkpdJi-TLpFLlQnM9KkD7X596VzJ985iPmzUYPj_8-oJZX>

https://www.ksjomo.org/post/un-leadership-necessary-for-fairer-tax-cooperation
<https://email.mg2.substack.com/c/eJwlkEluhTAQRE_zvQMZPPEXXmSTayAPDTgBG3n4hNvHgNTqlqpVqtIzKsMc4in3kDK61pjPHaSHI62QM0RUEsTRWdkT0WHOBbKS2m5gA3JpnCLAptwqcyyA9qJXZ1R2wd8OSgc8oEXqibA3Y8IyijVM0CuLCcFaCKG5oPwJVsU68AYkfCCewQNa5ZLznl7k69V_1zmOo_1NP2ELbYhzFS5fPcU3KygLMS1ubzwYSEnFs5lCbCblIsQmq7_GhLBDvOshJ3vcd5jiDgvCGG27lpk3xmQyTDMl3gMXGg-YE1yb624A_KJ4m_s2FZ2yMr-tCRuKMpmlTFn5-p0vErdcQYz1bsW7fI7glV7BPozyg_qmNs7gr0JgR5VlxzvR854xPtD3g6RCJJQTIjhFNdeG6vLyAjCvQavVwucfVouX5A>

http://www.ipsnews.net/2021/04/un-leadership-necessary-fairer-tax-cooperation/
<https://email.mg2.substack.com/c/eJwlkM2OhCAQhJ9muGlAfj1w2Mu-huGnddhVMIAz69svjkmnOqlOpSufMxWWlE-9p1LRJVM9d9AR3mWFWiGjo0CegtcDlQQLIZHXzBPFFQplmjPAZsKqaz4A7YddgzM1pPhJMKawQk9tpcTEWEnGplYJQ5jj1FNsiZeOy_uxOXyA6EDDC_KZIqBVP2vdH_TrMXy3eb_ffdjL1a2PUJsz4IG0hVmTI3YrGA-5PMPeRXBQislnN5uQIXfV_HUupR3yp18LoKCvPGaYYEk5Zz3puRsxprPjlhs5KiEtVlhQPHJuiQL8YHhbhr4ctlTjfnuXNpR1cc9jria263LR-NgNxtT2dsRQzwmisSv4m1O9cX_ITQvEqxP4yVRNBJGDGDgXio03lgaSMkGpFAy1vz61VNQ_aUvLmqxZPbz-Abq6lyc>
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