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The work was undertaken on behalf of the "Leading Group on Innovative Financing for Development" composed of governments in Africa, Asia, Europe and Latin America.



The report was written by a committee of experts from the financial sector and academia. It responded to a specific request of the Leading Group to examine options for financing global

public goods, namely development goals and environmental commitments.



For this purpose, the experts favour a currency transaction tax over the more extensive financial transaction tax (FTT). Yet, the experts also state that a broad-based FTT could raise substantial amounts of revenue and "be appropriate within particular jurisdictions for specific fiscal or regulatory purposes".



A financial transaction tax has been a long-standing goal for UNI Finance. The report stresses the feasibility of taxing the financial industry cross-nationally.



“We call upon the G20 globally and the European Union to take on board the recommendations and move towards a financial transaction tax without further delay,” said UNI Finance’s Oliver Roethig. “A FTT works. Governments must not give in to the blatant self-interest of big banks but act in the interest of their countries.



Governments in the Leading Group are: Algeria, Bangladesh, Burkina Faso, Belgium, Benin, Burundi, Brazil, Cambodia, Cameroun, Cap Verde, Chile, Cyprus, Congo, Cote d’Ivoire, South Korea, Djibouti, Ethiopia, Finland, France, Gabon, Germany, Guatemala, Guinea, Guinea-Bissau, Haiti, India, Italy, Japan, Jordan, Lebanon, Liberia, Luxembourg, Madagascar, Mali, Morocco, Mauritius, Mauritania, Mexico, Mozambique, Namibia, Nicaragua, Niger, Nigeria, Norway, Poland, Central African Republic, United Kingdom, Saudi Arabia, Senegal, Sao Tome and Principe, Sierra Leone, South Africa, Spain, Togo, Uruguay.



For report, see "related files".