From cross-border corruption, transnational financial crime and the hidden companies and assets of kleptocrats and oligarchs, drain resources from sustainable development and challenge the Private Sector to stronger initiatives. What can be done?

The UN initiated FACTI Panel concluded that the Private Sector needs to cultivate a stronger culture of integrity to fight the IFFs. Collective Action involves collaboration between stakeholders in the private and public sectors, civil society and international organizations. In November 2021, the OECD Council adopted a revised version of 2009 Recommendation for Further Combating Bribery of Foreign Public Officials in International Business Transactions (2021 OECD Anti-Bribery Recommendation) which deals with several important efforts and initiatives to fight bribery and IFFs. One key element of the Recommendation is to encourage countries to incentivize enterprises to develop internal controls, ethics and compliance programs or measures to prevent and detect foreign bribery.

We will discuss how IFFs can be addressed through fostering, facilitating, engaging and participating in Collective Actions.

Moderator: Helge Kvamme