View/save PDF version of this document - La Strada International

Part One. Article 7 73resolution, annex. I), that was submitted to the General Assembly for adoption pursuantto resolution 54/126 of 17 December 1999.B. Approved text adopted by the General Assembly(see resolution 55/25, annex I)Article 7Measures to combat money-laundering1. Each State Party:(a) Shall institute a comprehensive domestic regulatory and supervisoryregime for banks and non-bank financial institutions and, where appropriate, otherbodies particularly susceptible to money-laundering, within its competence, inorder to deter and detect all forms of money-laundering, which regime shallemphasize requirements for customer identification, record-keeping and the reportingof suspicious transactions;(b) Shall, without prejudice to articles 18 and 27 of this Convention,ensure that administrative, regulatory, law enforcement and other authorities dedicatedto combating money-laundering (including, where appropriate under domesticlaw, judicial authorities) have the ability to cooperate and exchange informationat the national and international levels within the conditions prescribed by itsdomestic law and, to that end, shall consider the establishment of a financial intelligenceunit to serve as a national centre for the collection, analysis and disseminationof information regarding potential money-laundering.2. States Parties shall consider implementing feasible measures to detectand monitor the movement of cash and appropriate negotiable instruments acrosstheir borders, subject to safeguards to ensure proper use of information and withoutimpeding in any way the movement of legitimate capital. Such measures mayinclude a requirement that individuals and businesses report the cross-border transferof substantial quantities of cash and appropriate negotiable instruments.3. In establishing a domestic regulatory and supervisory regime under theterms of this article, and without prejudice to any other article of this Convention,States Parties are called upon to use as a guideline the relevant initiatives of regional,interregional and multilateral organizations against money-laundering.4. States Parties shall endeavour to develop and promote global, regional,subregional and bilateral cooperation among judicial, law enforcement andfinancial regulatory authorities in order to combat money-laundering.C. Interpretative notesThe interpretative notes on article 7 of the convention approved by the AdHoc Committee and contained in its report on the work of its first to eleventhsessions (see A/55/383/Add.1), paras. 14-17) are as follows:Paragraph 1 (a)(a) The words “other bodies” may be understood to include intermediaries,which in some jurisdictions may include stockbroking firms, other securitiesdealers, currency exchange bureaux or currency brokers.