In Chapter 1.5, First Edition, Money Laundering – A Handbook for CDD Compliance, the following conventions and resolutions passed and adopted by the United Nations to combat money laundering and countering the financing of terrorism are:

  • The Vienna Convention or otherwise known as the 1988 UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances. It is a drug-related treaty.  It is the first international legal instrument recognised to combat money laundering issues.  The instrument has a strategy for the criminalisation of money laundering.
  • The 1999 Terrorist Financing Convention (formerly known as the International Convention for the Suppression of the Financing of Terrorism). It is an anti-terrorism  The primary objective of this Convention is to promote international cooperation among law enforcement agency such as police and judicial to criminalise the acts of terrorist financing.
  • The Palermo Convention or otherwise known as the 2000 UN Convention against Transnational Organized Crime. It is a multilateral treaty against transnational organised crime.  The Convention aims to promote international cooperation in the furtherance of actions to be taken by the Member States to fight against transnational organised crime covering human trafficking and firearms trafficking.

Which UN Convention covers Corruption?

In Chapter 5.4, First Edition, Money Laundering – A Handbook for CDD Compliance, the Merida Convention or otherwise known as the United Nations Convention against Corruption (“UNCAC”).  It is an anti-corruption preventive measure.  The UNCAC did not define corruption.  It will depend on each Member State to determine bribery under their domestic laws.  The underlining reason may be due to the different country has different custom and culture.  See Chapter 8.4; the Chinese community has a traditional custom in the offering of “Red Packet” (“Ang Pow” or “Hong Bao”).  The offering of Ang Pow may abuse: Vincent Zhu, A Gift or A Bribe? MONDAQ, Dec. 20, 2017.

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Categories: UNODC, UNCAC, FATF, Money Laundering, Corruption, Terrorist Financing, Organised Crime