The UN General Assembly has voted overwhelmingly to wrest control of the development of global rules on tax and illicit financial flows (IFFs) from the Organisation for Economic Cooperation and Development (OECD), despite last-minute attempts by the EU, UK and US to derail the plan.

Whereas the OECD comprises mainly wealthy nations, the new UN resolution on the ‘promotion of inclusive and effective international tax co-operation’ stresses that efforts in international tax cooperation and IFFs should be universal in approach and scope.

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