The trillion dollars that is being lost is not development aid. It is money generated by business activity that is illegally siphoned out of developing countries. ONE’s new analysis also shows that if only a fraction of this money was recovered and used to fight poverty, in sub-Saharan Africa alone the recovered money could be used to:
Educate an additional 10 million children per year;
Pay for an additional half-million primary school teachers – providing all out-of-school children in 16 African countries with an education;
Provide antiretroviral drugs for over 11 million people living with HIV/AIDS; and
Pay for almost 165 million vaccines.
Specifically, ONE’s report calls on G20 leaders to take action in four areas:
Shine a Light on Phantom Firms: Make information public about who owns companies and trusts, to prevent anonymous shell companies and similar legal structures from being used to launder money and to conceal the identity of corrupt and criminal individuals and businesses;
Publish What You Pay: Introduce robust payment disclosure laws to increase transparency in the oil, gas and mining sectors to prevent natural resources in poor countries from being stolen from the people living above them;
Crack down on tax evasion: Institute automatic exchange of tax information so that developing countries have the information they need to collect taxes they are due; and
Open Data: Publish government data so that citizens can follow the money from resources to results and hold their governments to account for the delivery of essential services.