0 The United Nations The United Nations Strategy against Corruption and its Financial Channels Durban, October 1999
1 Previous International Efforts against Corruption and the Laundering of its Proceeds General Assembly Resolution A/ Res/ 51/ 59 OECD Convention on Combating Bribery of Officials in International Business Transactions Council of Europe Criminal Law Convention on Corruption
2 Features of an ideal financial haven Bank secrecy laws Corporate secrecy laws Availability of instant corporations A Government invulnerable to outside pressure A high degree of dependency on the financial service sector A geographic location that facilitates business travel A large tourist trade No deals on sharing tax information with other countries Excellent electronic communication technology Use of world currency
3 Corruption and Money- laundering Bribe-giver Bribe-taker Offshore Centre Bribe-giver Bribe-taker Offshore Centre
4 The Group of Paris’ recommendations Persuade to… Include corruption and its proceeds under anti-money- laundering laws Revise bank secrecy, corporate law and tax provisions as far as they hinder investigations Strengthen capacity for international cooperation Improve supervision of the financial sector Protect … the global financial system from those that do not cooperate
5 Carrying the Fight against Corruption and Money-laundering into 2000 The Strategy: Curbing Corruption indirectly and directly by improving anti-money-laundering standards in underregulated financial systems. The Instruments: CCPCJ’s Draft Resolution pending for approval by the General Assembly. UN Offshore Forum
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