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108 DELIVERING RESULTS© Reutersfoothold in the international community.But more must be done.Fortunately, there has been growinginterest within the UN to considerincluding in the post-2015 SDGs a targetto reduce illicit flows. Specifically, thisSDG target would challenge developingcountries to reduce IFFs related totrade misinvoicing by 50 per cent. Theinnovative component of this idea is that,except for a relatively small amount ofneeded to achieve the SDGs. The proposalto include an SDG target on illicit flowsmay be coming at just the right moment.With ever-growing foreign aid levels athing of the past, more practical stepsare needed to address the funding needsto reach the yet-to-be-finalised post-2015 development goals. This concreteproposal would be measurable – given thatgovernments already provide trade datato the IMF each year – and achievable.The proposal to include an SDG target on illicitflows may be coming at just the right momentforeign assistance to upgrade customsdepartments at the outset, once levels ofmisinvoiced trade come down, governmentrevenue in the form of income tax andcustoms duties would be greatly increased.Such a target would actually be adevelopment enabler by providinghundreds of billions of dollars to countries,which would, in turn, bolster effortsIt would also be a companion effort tothe steps developing countries havetaken to create a more transparent globalfinancial system.Further, curtailing illicit outflows willhelp spur the economic changes required toenable countries to grow to the point of nolonger needing foreign aid. A primary resultof that growth will be a larger middle classLuxembourg’s then Prime Minister and Eurogroupchairman Jean-Claude Juncker (right) greets Spain’sEconomy Minister Luis de Guindos (left) at a Eurogroupmeeting. During Juncker’s tenure, Luxembourg wastransformed into one of the world’s leading tax havensand, with it, more tax payers and consumersand a better-educated population fromwhich entrepreneurship can thrive.Curbing illicit flows is not a panacea.Strong economic growth will also requiregood governance, rule of law, a free andopen media, and a flourishing civil society.But, without the funds to prosper, thesesocietal changes will not be sufficient toelicit significant change. By keeping moremoney where it is earned, countries wouldhave the possibility of fulfilling the promiseof the Universal Declaration adoptedall those years ago. It is now up to theinternational community to demonstratethe leadership and political will needed tobegin that process.1 See www.gfintegrity.org/report/2013-globalreport-illicit-financial-flows-from-developingcountries-2002-2011/GLOBAL DEVELOPMENT GOALS 2014