Developing Nations Disappointed By UN Money Laundering Conclusions

by Mary Swire, for LawAndTax-News.com, Hong Kong

29 April 2005

Developing countries have expressed disappointment at the conclusions reached by their richer counterparts at the Eleventh UN Crime Congress, held in Bangkok this week.

The poorer nations argued that the Financial Action Task Force's recommendations for combating money laundering and terrorist financing were of little relevance in cash-based economies, and called for the creation of a new UN convention against money laundering.

However larger UN members such as the EU, US and Japan urged continued adherence to the current anti-money laundering agreements and standards.

In a statement dubbed the 'Bangkok Declaration', the UN Congress "reaffirmed the fundamental importance of implementation of existing instruments and the further development of national measures and international cooperation in criminal matters, in issues such as cybercrime, money-laundering, trafficking in cultural property, extradition, mutual legal assistance and the confiscation, recovery and return of the proceeds of crime".

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