Main submitter: The Republic of Singapore
Co-submitter: The Republic of Panama, The Republic of Malta, The Federal Republic of Brazil
Sponsors: The United Mexican Nations
Signatories:
Topic: „Regulation of offshore banking“
Having studied one of the steps of the United Nations sustainable development programme to promote inclusive and sustainable economic growth,
Recognizing the anti-money laundering (AML) solutions originally implemented by financial institutions in response to the first wave of money laundering regulations in the late 1980s and early 1990s,
Expressing satisfaction with the results achieved by the 13th United Nations Congress on Crime Prevention and Criminal Justice held in Doha from 12th to 19th of April,
Keeping in mind past financial sanctions specified by the United Nations Security Council Resolutions against financing the proliferation of weapons of mass destruction,
Having adopted a point of the UN resolution accepted on the 58th Session by the Commision on narcotic drugs, in April 2015 to strengthen international cooperation in preventing and combating illicit financial flows linked to drug trafficking, from the anti-money-laundering perspective,
1. Encourages all UN member states to collaborate with and support international organizations that are competent and capable of monitoring and fighting illegal activities in the financial sector such as but not limited to Financial Action Task Force,
2. Further remindsabout the negative effect of the black market on the economics emphasizes for the UN member states to do statistics and calculations on illegal methods,
3. Calls uponmonitoring suspicious accounts and financial operations that might be associated with organized crime gangs, maintained with the purpose of money laundering, supporting terrorist organizations,
4. Draws the attentiontothe implementation of secret services into crime related groups and this way receiving information about who should be monitored,
5. Further invitesto respect the privacy and legality of private offshore accounts set up that have not been accused of illegal actions and protect the privacy of accounts,
6. Considers a set of universal rules which will work as a hint of what should be suspicious, these will be respected by each country, however, could be alternated if will not fit the needs of the jurisdiction of the given state,
7. Calls upon the action of the involved members to work to identify so-called “Black Money” and the following cancellation of the account followed by the appropriate process for the accused person,
8. Authorizes that a part of the money confiscated from the illegal accounts will be divided into 80% and 20%;
a)80% being divided amongst the country of origin (40%),
b)the Financial Action Task Force (20%),
c)the offshore bank in tax haven and the government of the country (40%),
9. Expresses its hopethat this will increase the motivation of states to identify illegal account suggests that remaining 20% of the confiscated finances shall be awarded to the organ that identified the illegal account,
10. Calls upon joining the union of countries that work to refuse the illegal aspect of offshore banking[1],
11. Declaresthe Financial Action Task Force rights and obligations:[2]
a)to respect all points on this resolution,
b)to always act in accordance with the international law and to respect the particular country's government laws,
c)to always decide fairly,
12. Requeststo implement an effective regime to combat proliferation financing of illegal trade (further specified as illegal weapons trade, drugs, illegal stock etc.)
13. Further requeststhe UN member states that cooperate with FTAF to increase the transparency and exchange of tax information,
14. Further declares to remain seized on the matter.
[1]
[2]To be discussed further