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    Bharat Gupta
    Money laundering involves disguising illegally obtained money to make it appear legitimate. Hundreds of billions of dollars are laundered annually through financial institutions. Developing countries are particularly vulnerable to money laundering's economic and social consequences. Norway has taken steps domestically to curb money laundering through acts establishing transparency requirements for companies and strengthening controls of financial information.

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    Position Paper

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    Bharat Gupta
    159 views1 page
    Money laundering involves disguising illegally obtained money to make it appear legitimate. Hundreds of billions of dollars are laundered annually through financial institutions. Developing countries are particularly vulnerable to money laundering's economic and social consequences. Norway has taken steps domestically to curb money laundering through acts establishing transparency requirements for companies and strengthening controls of financial information.

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    Money laundering involves disguising illegally obtained money to make it appear legitimate. Hundreds of billions of dollars are laundered annually through financial institutions. Developing countries are particularly vulnerable to money laundering's economic and social consequences. Norway has taken steps domestically to curb money laundering through acts establishing transparency requirements for companies and strengthening controls of financial information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    159 views1 page

    Position Paper

    Uploaded by

    Bharat Gupta
    Money laundering involves disguising illegally obtained money to make it appear legitimate. Hundreds of billions of dollars are laundered annually through financial institutions. Developing countries are particularly vulnerable to money laundering's economic and social consequences. Norway has taken steps domestically to curb money laundering through acts establishing transparency requirements for companies and strengthening controls of financial information.

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    Position paper

    COMMITTEE-Economic and social council


    COUNTRY - Norway
    DELEGATE-Atharva kutemate
    SCHOOL NAME-Centre Point School, Wardhaman Nagar

    Introduction
    Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the

    proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. The processes by which criminally

    derived property may be laundered are extensive. Though criminal money may be successfully laundered without the assistance of the financial

    sector, the reality is that hundreds of billions of dollars of criminally derived money is laundered through financial institutions, annually. The

    nature of the services and products offered by the financial services industry (namely managing, controlling and possessing money and property

    belonging to others) means that it is vulnerable to abuse by money launderers. While money laundering and the financing of terrorism can occur

    in any country, they have particularly significant economic and social consequences for developing countries, because those markets tend to be

    small and, therefore, more susceptible to disruption from criminal or terrorist influences. Money laundering and terrorist financing also have

    significant economic and social consequences for countries with fragile financial systems because they too are susceptible to disruption from

    such influences. The economy, society, and ultimately the security of countries used as money-laundering platforms are all imperiled.1 The

    magnitude of these adverse consequences is difficult to establish, however, since such adverse impacts cannot be quantified with precision,

    either in general or for a specific country.

    These are some resolutions of the UN against money laundering:


     ECOSOC Resolution 2003/36 Establishment of national networks to counter money laundering in the framework of national
    and international drug control plans
     The 1988 United Nations Convention against the illicit Traffic in Narcotic Drugs and Psychotropic Substances is the first
    international legal instrument to embody the money-laundering aspect of this new strategy and is also the first international
    convention which criminalizes money-laundering.
     Resolution 2011/32 Strengthening international cooperation in combating the harmful effects of illicit financial flows
    resulting from criminal activities
     1988 political declaration and action plan against money laundering

    Some steps taken by the Norway government to curb money laundering:

     Money Laundering Act (April 2009) to prevent and detect transactions associated with proceeds of crime or associated
    with acts of terrorism.
     Amendments to the Public Limited Companies Act and the Companies Act aimed at 7 arranging for increased control and
    greater transparency regarding contracts between a company and senior personnel in the company, or between the
    company and shareholders with large holdings.
     enforcement arrangements for control of financial information provided by companies listed on the stock exchange
     strengthening of the current requirements regarding provision of information concerning payments to senior personnel in
    the company in the form of notes in the annual accounts

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