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