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68 Travaux préparatoires: United Nations Convention against Transnational Organized CrimeNotes by the Secretariat2. In the early drafts of the convention (A/AC.254/4 and Rev.1-2) an article on“Transparency of transactions” (article 8) was also included. The text of this article wasas follows:“Article 8“Transparency of transactions“1. States Parties shall implement measures to detect and monitor the physicaltransportation of cash and bearer-negotiable instruments at the border, subject tostrict safeguards to ensure proper use of information and without impeding in anyway the freedom of legitimate capital movements.“2. In order to improve understanding and information on the detection offinancial networks linked to transnational organized crime, States Parties shall takemeasures to gather financial information and, as much as possible, shall facilitate theexchange of such information, including exchanges between law enforcement agenciesand regulatory bodies.”At the third session of the Ad Hoc Committee, article 8 was deleted as it would besuperseded by either option 1 or option 2 of article 4 bis.Fifth session: 4-15 October 1999Notes by the Secretariat3. Delegations based their comments on the text of article 4 bis of the revised draftconvention contained in document A/AC.254/4/Rev.4, which was the same as that containedin document A/AC.254/4/Rev.3.Rolling text (A/AC.254.4/Rev.5)“Option 1 11“Article 4 bis“Measures to combat money-laundering“1. Each State Party shall institute a domestic regulatory regime for financialinstitutions doing business within its jurisdiction to deter and detect money-laundering.Such regimes shall include the following minimum requirements:“(a) The licensing and periodic examination of such institutions;“(b) The lifting of bank secrecy in cases involving measures for the preventionand investigation of the crime of money-laundering, in accordance with the preceptslaid down in the domestic legislation of each State Party;11At the fifth session of the Ad Hoc Committee, India, on behalf of the Group of 77 and China, stated that this optionwas preferable as a basis for further discussion.