Natural Resources and Violent Conflict - WaterWiki.net

186 winer and roulelaundering regulations and enforcement measures and to carry out mutualassistance to combat, respectively, the production and trafficking ofillicit drugs and transnational organized crime. The Palermo conventionimplicitly criminalizes the laundering of all proceeds of illicit commoditiesextraction, as it covers all serious transnational crimes involvingmore than one person. It pays scant attention to extraction-related criminalactivity, focusing largely on better-recognized crimes against privatepersons and private property such as trafficking in persons, traffickingin women for sexual exploitation, and trafficking in firearms. Notably,it also criminalizes the laundering of the proceeds of corruption.Private Sector Seal InitiativesSeal initiatives represent a method by which private sector institutionsagree to abide by certain standards of corporate conduct in return forbeing placed on a white list that provides either practical or public relationsbenefits. Significant recent seal initiatives include the InternationalChamber of Commerce rules of conduct to combat extortion and briberyin international business transactions and the Wolfsberg principles.International Chamber of Commerce Rules of Conduct. Rulesdeveloped by the International Chamber of Commerce in 1996 prohibitextortion and bribery for any purpose, a broader standard thanthe OECD convention’s focus on public officials. The rules also call ongovernments to make their procurement procedures more transparentand to condition procurement contracts on abstention from bribery,including the requirement for antibribery certification from bidders.The International Chamber of Commerce’s Standing Committee onExtortion and Bribery is charged with promoting the corporate rules ofconduct; it could perhaps consider calling on major companies in theforest products industry to participate in its proceedings and develop acorporate code of conduct when bidding for concessions.The Wolfsberg Principles. In October 2000, 11 leading internationalbanks working with Transparency International announcedagreement to a voluntary set of global anti–money laundering principles.Initially, the Global Anti–Money Laundering Guidelines for PrivateBanking applied solely to private banking, that is, to the accountsof the extremely rich—those with deposits of $3 million to $5 million—but the obligations they articulate have potentially broad applicability.The guidelines are as follows:• Adopt client acceptance procedures so that the banks accept “onlythose clients whose source of wealth and funds can be reasonablyestablished to be legitimate,” including (a) taking reasonable measures