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Thread: United Nations Orders Banks

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    Senior Member Aianawa's Avatar
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    United Nations Orders Banks

    The United Nations (UN) has ordered banks worldwide to begin issuing mandatory digital ID’s to all customers and refuse service to anybody deemed ‘non-compliant’ or blacklisted by the globalist organization.

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    Chuckie (15th July 2023)

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    Senior Member Chuckie's Avatar
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    1. Setting the scene

    2 UNCTAD, Tackling Illicit Financial Flows for Sustainable Development in Africa [2020] EDAR Report; N L Kuditchar, Curbing
    illicit financial out-flow from Africa: the phenomenology of institutions in Ghana (2020) Journal of Contemporary African Studies,
    Vol. 39, Issue 1; C Abugre, Cobham A, R Etter-Phoya et al., Vulnerability and Exposure to Illicit Financial Flows risk in Africa (Tax
    Justice Network, 2019); S Ibi Ajayo and L Ndikumana (eds), Capital Flight from Africa. Causes, Effects and Policy Issues (OUP 2015);
    J D Nkurunziza, Illicit Financial Flows: A Constraint on Poverty Reduction in Africa (2012) Association of Concerned African Scholars,

    Bulletin No. 87.
    3 ECA Primer—Economic governance report, 2021.
    4 not only funds.
    5 UNCTAD, ‘Tackling Illicit Financial Flows for Sustainable Development in Africa’ (EDAR Report 2020); United Nations, Economic
    Commission for Africa, ‘Illicit Financial Flows: Report of the High-Level Panel on Illicit Financial Flows from Africa’ (Addis Ababa 2015).

    Illicit financial flows (IFFs) cost Africa around US$88.6 billion per year. They have hamstrung progress and created poverty, insecurity, and financial challenges which today impede the implementation the 2030 UN Agenda for Sustainable Development and the AU Agenda 2063: The Africa We Want. IFFs have also driven the African continent towards indebtedness.
    The United Nations Economic Commission for Africa (ECA) estimates that these losses are equivalent to a proportion of three-quarters of the amount required to make progress on Sustainable Development Goal 3 (SDG 3) (Health and Well-being); a quarter of the amount needed for SDG4 (Education); and a third of the additional amount needed for SDG 9 (Infrastructure).

    The High-Level Panel on Illicit Financial Flows from Africa (Mbeki Panel) report identifies three drivers/sources of IFFs: 1) commercial practices related to trade and tax abuse including tax
    avoidance and BEPS practices by multinational corporations that are not necessarily illegal; the Mbeki panel found these account for 65% of IFFs from Africa and thus represent a significant driver of IFFs, particularly considering the global architecture relating to commercial IFFs is less developed than the other two drivers; 2) criminal practices such as money laundering, trafficking, smuggling, and tax evasion; these account for 30% of IFFs from Africa; and 3) corruption involving government officials including bribery and abuse of public office, estimated at 5% of IFFs from Africa. Fighting IFFs requires understanding the political economy including vested interests and power dynamics that are invested in it and benefit from it. This study will focus on corruption and money laundering.

    The panel on Financial Accountability, Transparency and Integrity (FACTI) adopted the definition from the Mbeki panel as expanded by UNODC/UNCTAD to define IFFs as ‘financial flows that are illicit in origin, transfer or use, that reflect an exchange of value4 and that cross country borders. Such illegality results out of commercial, corruption-related, and criminal activities through which money is earned and shifted using illegal practices. IFFs also cover some forms of transfer mispricing, profit shifting, and trade mis-invoicing. IFFs can result from
    ambiguities in taxation laws, poorly negotiated bilateral agreements that enable tax base erosion, offshore asset sales, and the falsification or exaggeration of intra-group transactions such as management fees and royalties. Examples of corruption and criminal-related IFFs include activities such as gold smuggling, trafficking....
    “I am a social justice...advocate and I say, "Stop the Hate!"

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    Aianawa (15th July 2023)

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