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Updates

The Impact of New Technologies on Labour Markets

The IATF was tasked ‘to further examine the transformative and disruptive potential of new technologies on our labour markets and on the jobs of the future’ in the outcome of the 2017 FfD Forum.

Measuring International Public Finance

The Inter-agency Task Force held two technical meetings on questions of measuring international public financing flows and development cooperation efforts, including to discuss the OECD proposal for a new measure of development finance, provisionally called Total Official Support for Sustainable Development (TOSSD). The meetings provided occasion to discuss critical perspectives on the proposal and to compare and contrast the scope and methodologies behind the proposed TOSSD measure against the monitoring of FfD commitments by the Task Force.

Aligning Capital Markets with Sustainable Development

The Financing for Development agenda has emphasized the importance of long-term “stable private financial flows to developing countries” since the Monterrey Consensus (para 25.) Indeed, the need for long-term investment to achieve the SDGs is estimated to be in the trillions of dollars. At the same time, there has been a growing focus on the importance incorporating environmental, social and governance (ESG) factors in investing. The Addis Ababa Action Agenda brings these two strands together, emphasizing that sustainability and stability of the financial system are mutually reinforcing.

Illicit Financial Flows

The Financing for Development outcomes all stress the importance of improving national tax systems and enhancing revenue. Both Monterrey Consensus and Doha Declaration address the question of return of stolen assets.

Financing Social Protection Floors

As part of the Addis Ababa Action Agenda, Member States committed to a new social compact. This compact contains two components: a commitment to deliver social protection systems and measures for all, including floors; and a package of essential public services. While there is some overlap of these two areas, social protection generally refers to cash transfers and social insurance, such as adequate pensions for older persons, and essential public services include the provision of basic social services, such as health care and education.

Combatting money laundering/terrorist financing

A number of inter-governmental and regional bodies currently monitor and publish information on country performance relating to Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) for their members, the most prominent of which is the Financial Action Task Force (FATF).

International tax cooperation overview

The Addis Agenda notes that international tax cooperation should be scaled up in a way that is universal in approach and scope and fully takes into account the different needs and capacities of all countries. While for many years international tax cooperation focussed on the conclusion of bilateral tax treaties, which had the principle aim of reducing double taxation, in recent times such cooperation has increasingly looked at setting tax norms to close loopholes and limit the ability of multi-national enterprises (MNEs) to avoid paying taxes.