International financial system and development A/RES/70/188 18. Recommits to a redoubling of its efforts to substantially reduce illicit financial flows by 2030, with a view to eventually eliminating them, including by combating tax evasion and corruption through strengthened national regulation and increased international cooperation, to reducing opportunities for tax avoidance and considering inserting anti-abuse clauses in all tax treaties, to enhancing disclosure practices and transparency in both source and destination countries, including by seeking to ensure transparency in all financial transactions between Governments and companies to relevant tax authorities, and to making sure that all companies, including multinationals, pay taxes to the Governments of the countries where economic activity occurs and value is created, in accordance with national and international laws and policies; 19. Takes note of the report of the High-level Panel on Illicit Financial Flows from Africa, invites other regions to carry out similar exercises, the International Monetary Fund, the World Bank and the United Nations to assist both source and destination countries to help to combat illicit flows and appropriate international institutions and regional organizations to publish estimates of the volume and composition of illicit financial flows, calls upon States to identify, assess and act on money-laundering risks, including through effective implementation of the Financial Action Task Force standards on anti-money-laundering/counter-terrorism financing, and encourages information-sharing among financial institutions to mitigate the potential impact of the anti-money-laundering and counter-terrorism financing standards on access to financial services; 20. Urges all countries that have not yet done so to ratify and accede to the United Nations Convention against Corruption, 15 and encourages parties to review its implementation, commits to making the Convention an effective instrument to deter, detect, prevent and counter corruption and bribery, prosecute those involved in corrupt activities and recover and return stolen assets to their country of origin, while encouraging the international community to develop good practices on asset return and supporting the Stolen Asset Recovery Initiative of the United Nations and the World Bank and other international initiatives that support the recovery of stolen assets, urges that regional conventions against corruption be updated and ratified, and reiterates the need to strive to eliminate safe havens that create incentives for transfer abroad of stolen assets and illicit financial flows and to work to strengthen regulatory frameworks at all levels to further increase transparency and accountability of financial institutions and the corporate sector, as well as public administrations, while strengthening international cooperation and national institutions to combat money-laundering and financing of terrorism; 21. Calls for the swift implementation of the 2010 quota and governance reform of the International Monetary Fund, notes the progress made by the Fund on the review of the quota formula in January 2013, and emphasizes the importance of reaching agreement on the quota formula, in parallel to the fifteenth general review of the quotas and as part of ongoing reform processes, in order to ensure the Fund’s capability to address the challenges encountered by today’s international monetary and financial system; 22. Reaffirms its commitment to an open and transparent, gender-balanced and merit-based process for selecting the heads of the international financial _______________ 15 United Nations, Treaty Series, vol. 2349, No. 42146. 7/10