NationStates Jolt Archive

This will be left out for one week, to allow time for people to comment on it - picking out grammatical errors, typos and serious issues that people may have with this resolution. All changes are marked with (), apart from the first use of the acronymn.

- Rhomanoi.

(RECOGNISING the importance of national concerns about economic and financial matters and the strength of feeling attached to these by many of the people of the world.)

ALSO AWARE of the realities of the international situation with regards to the economy of the world as it continues to evolve along the path of globalisation.

ALARMED at the number of criminals and terrorists abusing international finance systems to fund illicit operations and thereby subvert the peace and liberty of the broad mass of the people of the world.

CONCERNED at the possibilities that exist within the financial world for criminal elements to use fraud to strip the people of the world of their financial strength.

DEFINES 'financial crime' as removing money from any form of account, fund or treasury for purposes other than which they are intended (by those who legally own the account, fund or treasury under Member Nations law), and also the illegal manipulation of the accounts of a public or private body to produce misrepresentative figures that are deliberately misleading to the public at large.

HEREBY establishes the International Finance (Inspection) Council (IFIC) to monitor international financial transactions, through a system of inspectors to be sent to international financial bodies, be they non-governmental or governmental, in order to detect and prevent the abuse of the financial system to the ends of terror and inequity.

(TRUSTS the governance of the IFC to a committee of 9 UN members who shall volunteer for posts on the council. The council shall be replaced every year, and no member may serve more than once in a decade, so as to avoid any chance of the corruption of the IFC. - Marked for deletion.)

REQUIRES all UN members to co-operate with the IFC on all inspections of their national and international financial bodies, and share information on these bodies with one another in a spirit of co-operation.

REQUIRES the IFC to have the power to fine those who are found to be knowingly committing financial crime, and to transfer those funds to (those whose money had been misappropriated).

INSTRUCTS the IFC to co-operate with national (law enforcement) forces whenever and wherever possible to reduce the level of financial crime, and also to co-operate with other UN bodies whenever needs be.

Firstly, a very interesting idea.

TRUSTS the governance of the IFC to a committee of 9 UN members who shall volunteer for posts on the council. The council shall be replaced every year, and no member may serve more than once in a decade, so as to avoid any chance of the corruption of the IFC.
However, initial problem: the committee is illegal, in the way you've created it. You can't specify member nations as sitting on it: instead it is staffed by the Secretariat (Gnomes). Basically, you can create a committee, but you can't really specify how it works. It might be simpler just to leave this section out, and add a line mentioning the IFC will be overseen by an independent committee.

This will be left out for one week, to allow time for people to comment on it - picking out grammatical errors, typos and serious issues that people may have with this resolution.

- Rhomanoi.

RECOGNISING the importance of national sovereignty in economic and financial matters, and the strength of feeling attached to these by many of the people of the world.

ALSO AWARE of the realities of the international situation with regards to the economy of the world as it continues to evolve along the path of globalisation.

ALARMED at the number of criminals and terrorists abusing international finance systems to fund illicit operations and thereby subvert the peace and liberty of the broad mass of the people of the world.

I'd note that this could be reduced if a Tobin Tax accompanied by a screening system on international transactions was set up, which would have been possible had the Tobin Tax proposal not been shot down so vicously.

CONCERNED at the possibilities that exist within the financial world for criminal elements to use fraud to strip the people of the world of their financial strength.

DEFINES financial crime as removing money from any form of account, fund or treasury for purposes other than which they are legally intended to be used, and also the illegal manipulation of the accounts of a public or private body to produce misrepresentative figures that are deliberately misleading to the public at large.

HEREBY establishes the International Finance Council (IFC) to monitor international financial transactions, through a system of inspectors to be sent to international financial bodies, be they non-governmental or governmental, in order to detect and prevent the abuse of the financial system to the ends of terror and inequity.

TRUSTS the governance of the IFC to a committee of 9 UN members who shall volunteer for posts on the council. The council shall be replaced every year, and no member may serve more than once in a decade, so as to avoid any chance of the corruption of the IFC.

STRONGLY URGES all UN members to co-operate with the IFC on all inspections of their national and international financial bodies, and share information on these bodies with one another in a spirit of co-operation.

REQUIRES the IFC to have the power to fine those who are found to be knowingly committing financial crime, and to transfer those funds to those who had the money removed from them.

INSTRUCTS the IFC to co-operate with national security forces whenever and wherever possible to reduce the level of financial crime, and also to co-operate with other UN bodies whenever needs be.

I like this proposal and other than fixing the committee's issue, I'd say this is a good start.

May the blessings of our otters be upon you.

Leonard Otterby
Ambassador for the Republic of Compadria to the U.N.

Firstly, a very interesting idea.


However, initial problem: the committee is illegal, in the way you've created it. You can't specify member nations as sitting on it: instead it is staffed by the Secretariat (Gnomes). Basically, you can create a committee, but you can't really specify how it works. It might be simpler just to leave this section out, and add a line mentioning the IFC will be overseen by an independent committee.

I'll take out that paragraph then. Thank you.

I'd note that this could be reduced if a Tobin Tax accompanied by a screening system on international transactions was set up, which would have been possible had the Tobin Tax proposal not been shot down so vicously.
I should note the Gruenberger Office of UN Affairs has adopted the acrobatic movement technically termed "the flip-flop" on this issue, and provided it could be shown that the limited range - i.e. non-enforcement in non-UN nations - of such a system would not adversely affect our financial industries, would no longer oppose such a measure.

Lori Jiffjeff
Legal Attache
Minister of Sandy Vaginas

I should note the Gruenberger Office of UN Affairs has adopted the acrobatic movement technically termed "the flip-flop" on this issue, and provided it could be shown that the limited range - i.e. non-enforcement in non-UN nations - of such a system would not adversely affect our financial industries, would no longer oppose such a measure.

Lori Jiffjeff
Legal Attache
Minister of Sandy Vaginas

Madam, we congratulate you on your spectacular feat of flexibility and also your fascinatingly titled ministerial post.

May the blessings of our otters be upon you.

Leonard Otterby
Ambassador for the Republic of Compadria to the U.N.

Nice. I like it. Don't like the name though. Sounds too much like a lending institution, not a monitoring institution. Perhaps "International Finance Inspection Committee?" (IFIC)

This is a very interesting idea and we think it may have possibilities. As a side note, we'd like to thank the representative of Rhomanoi for letting us know how long he intends to accept comments and suggestions. That should help those of us who are expert procrastinators to avoid missing the boat.

We have a couple of initial comments.

First, we'd suggest leaving out "national sovereignty" in the first clause. That term has become something of a red flag for members who seem to view it as the great evil poised to destroy the world. Perhaps this would be better:

RECOGNISING the importance of national concerns about economic and financial matters and the strength of feeling attached to these by many of the people of the world.

We're a bit puzzled by this clause, which is actually at the heart of the proposal:

DEFINES financial crime as removing money from any form of account, fund or treasury for purposes other than which they are legally intended to be used, and also the illegal manipulation of the accounts of a public or private body to produce misrepresentative figures that are deliberately misleading to the public at large.

We're not sure what legal intent of use means and how and by whom it would be deternined. We think this clause needs some clarification.

In the last clause, we suggest changing "national security" to "national law enforcement". "National security", for many, means the national defense and foreign relations.

We look forward to continued development of this draft. Good start!

Lorelei M. Ahlmann
Ambassador-at-Large

DEFINES financial crime as removing money from any form of account, fund or treasury for purposes other than which they are legally intended to be used,
I'm not comfortable with the highlighted phrase. It sounds as if any use of an account/fund/treasury not explicity authorised by the law is automatically a crime. Generally a view that 'everything that is not prohibited is permitted' is taken in law.

REQUIRES the IFC to have the power to fine those who are found to be knowingly committing financial crime, and to transfer those funds to those who had the money removed from them.
At risk of sounding like one of those 'NatSov' people, I'm uneasy at the thought of transfering sentencing powers to an international organisation. Less seriously, the final clause is a little grammatically awkward - how about changing 'those who had the money removed from them' to 'those whose money had been misappropriated'?

At risk of sounding like one of those 'NatSov' people, I'm uneasy at the thought of transfering sentencing powers to an international organisation. Less seriously, the final clause is a little grammatically awkward - how about changing 'those who had the money removed from them' to 'those whose money had been misappropriated'?

I take the case you make seriously - but the aim of this resolution is to produce a body with actual powers to prevent financial crime. I do not want to create a toothless organisation that will further damage the image of the UN.

HIH Prince Constantine Palaeologus-Komnenoi
Imperial Representative to the UN

I take the case you make seriously - but the aim of this resolution is to produce a body with actual powers to prevent financial crime. I do not want to create a toothless organisation that will further damage the image of the UN.
You've only 'strongly urged' States to co-operate with the IFIC. If States are co-operating voluntary, it seems reasonable to assume said States will be willing to prosecute based on evidence uncovered by the IFIC.

You've only 'strongly urged' States to co-operate with the IFIC. If States are co-operating voluntary, it seems reasonable to assume said States will be willing to prosecute based on evidence uncovered by the IFIC.

I take your point, but if we were to use to strong a language on this resolution, then the soverigntists would have field day knocking it down. Perhaps we shall change the phrase 'strongly urged' to something more stringent - such as:

"REQUIRES all UN members to co-operate with the IFC on all inspections of their national and international financial bodies, and share information on these bodies with one another in a spirit of co-operation."

Thank you for your time,

HIH Constantine Palaeologus-Komnenoi
Imperial Representative to the UN