ECONOMIC AND FINANCIAL AFFAIRS COUNCIL
Chair: Samad Hakani
Committee Type: General Assembly
Topic 1
Preventing Corruption Within Developing Economies
Corruption remains a significant impediment to economic growth and social development in many developing economies. Weak institutions, lack of transparency, and insufficient regulatory frameworks often enable illicit financial activities, undermining trust in governance and discouraging foreign investment. Corrupt practices—ranging from bribery and embezzlement to misallocation of public funds—exacerbate income inequality and hinder sustainable development efforts. While international organizations and national governments have introduced various anti-corruption measures, enforcement remains inconsistent, and loopholes persist. This committee must grapple with critical questions: How can international cooperation strengthen institutional frameworks to combat corruption effectively? What role should financial institutions, multinational corporations, and non-governmental organizations play in promoting transparency? How can nations balance anti-corruption efforts with economic growth without deterring investment and innovation?
Topic 2
Addressing Money Laundering facilitated by International Banking Institutions
The global financial system, designed to facilitate international trade and investment, has also become a conduit for illicit financial activities, particularly money laundering. Criminal enterprises, corrupt officials, and even terrorist organizations exploit gaps in international banking regulations to move vast sums of illicit money across borders undetected. While frameworks like the Financial Action Task Force (FATF) have been established to curb such practices, inconsistencies in enforcement and regulatory arbitrage continue to pose challenges. The proliferation of digital financial technologies, cryptocurrency, and offshore banking further complicates the issue. As financial institutions navigate the competing demands of compliance and profitability, this committee must confront urgent dilemmas: How can international banking regulations be strengthened to prevent illicit financial flows without stifling legitimate economic activity? What role should technology and financial institutions play in ensuring accountability and transparency? How can global cooperation bridge regulatory gaps while respecting national sovereignty?