Concerning Financial Fraud
A resolution to reduce barriers to free trade and commerce.
Category: Free Trade
Strength: Significant
Proposed by: Connopolis
Description: The General Assembly,
NOTING the existence of financial fraud, especially against public and state institutions, and its pervasive strain on the economies of many nations,
CONCERNED that a lack of attention to this issue could cause damage not only to the economies of nations in which such crimes take place but also to the economies of other nations to which they are, to varying degrees, connected,
DETERMINED to bring an end to this practice in the interests of global economic stability,
The World Assembly therefore resolves:
1. "Financial fraud" shall be defined as the procurement of fiscal and/or material assets by deceptive means, either by way of intentional misrepresentation of fact or deliberate and outright statement of false information,
2. For the purposes of this resolution, the term "victim(s) of fraud" shall be disambiguated to refer to any individual, public or private entity, national or international body or any group thereof that suffers a loss of fiscal and/or material assets due to financial fraud,
3. Member-states shall take all practical, effective preventative measures, including the creation of domestic laws, in order to eliminate financial fraud,
4. Member-state shall ensure that all victims of fraud shall receive compensation for their loss equal to or greater than the value of the loss and that this compensation shall be derived from the fiscal and/or material assets of the perpetrator of the act of financial fraud which resulted in the loss,
5. Member-states are encouraged to share information on those who have been convicted of financial fraud upon request and co-operate with each other on the prevention of further acts of financial fraud by all possible means.
Co-authored by Ossitania
