Economic and Social Council (ECOSOC)
Committee Strength :- 60
ECOSOC, one of the six main organs of the United Nations established by the UN Charter in 1946, is the principal body for coordination, policy review, policy dialogue and recommendations on economic, social and environmental issues, as well as for implementation of the internationally agreed development goals.
ECOSOC serves as the central mechanism for the activities of the United Nations system and its specialized agencies, and supervises the subsidiary and expert bodies in the economic, social and environmental fields.
ECOSOC has undergone reforms (A/RES/61/16, A/RES/68/1) in the last decade to strengthen the Council and its working methods, giving special attention to the integrated and coordinated implementation of, and follow-up to, the outcomes of all major United Nations conferences summits in the economic, social, environmental and related fields.
Countering money laundering and financing of terrorism, with a special focus on the role played by the financial industry in facilitating crime.
The same financial industry that fuels the growth of a country sometimes goes the wrong way and facilitates budding terrorism. Many cash-intensive businesses and non-profit trusts that state themselves as humanitarian organizations contribute towards funding terrorist operations.
Considering the current global scenario, there is an urgent need for a system that detects money laundering activities by conducting a regular check on total assets and reducing the allowance for doubtful accounts, thereby successfully tracking the flow of assets to unknown and suspicious organizations. It is important to understand that along with accurate financial data, reciprocation of information among intelligence agencies is a must to efficiently detect and prevent money laundering and hence curb terrorism.
We, at IITBBS MUN 2017 look forward to an elaborate and thoughtful discussion on this topic by our delegates.
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