New OSCE Recommendations to Combat Corruption, Money Laundering, and the Financing of Terrorism

Research output: Contribution to journalArticlepeer-review

Abstract

A model Anticorruption Protocol to the United Nations Convention against Corruption (APUNCAC) would implement international requirements to report the beneficial ownership of funds involved in certain financial transactions. The purpose is to discourage the laundering of illicit funds by attaching legal consequences to each failure to obtain and submit a required report of beneficial ownership, and each failure by a front man who poses as a beneficial owner to supply true information regarding the identity of the actual beneficial owner. This article is the fifth in a series of articles describing APUNCAC’s anti-money-laundering (AML) provisions and focus on beneficial owner transparency. The companion articles focus on issues regarding international jurisdiction and enforcement of APUNCAC regarding distant offshore personnel, illustrate the application of APUNCAC to specific money laundering channels, answer frequently asked questions (FAQ), and translate APUNCAC’s key provisions into proposed Financial Action Task Force (FATF) recommendations. This article explains how APUNCAC’s key provisions may be translated into Organization for Security and Co-operation in Europe (OSCE) recommendations, why the OSCE may be especially inclined to adopt the recommendations, and why support of this initiative might be the most promising path that could be adopted by the international community to combat corruption, money laundering, and the violations of human rights that are associated with these crimes.

Original languageEnglish (US)
Article number23
JournalLaws
Volume11
Issue number2
DOIs
StatePublished - Apr 2022

Bibliographical note

Funding Information:
Establish a system of domestic courts and prosecutors funded by the UN and staffed by judges and prosecutors vetted by the UN Commission on Crime Prevention and Criminal Justice, dedicated to the adjudication and swift resolution of charges of corruption.

Publisher Copyright:
© 2022 by the author. Licensee MDPI, Basel, Switzerland.

Keywords

  • anti-corruption
  • beneficial ownership
  • financial reporting
  • international law
  • money laundering
  • regulation
  • treaties

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