United Nations Security Council, under Resolution 1540 (of 2004) and its successor resolutions, has mandated all member states to criminalize any assistance to the Weapons of Mass Destruction (WMD) programs. And more recently, it has expanded the definition of “broker” to include banks, given their crucial role in “facilitating the transaction”. Further, since the Resolution was passed under Chapter 7 of the Security Council, it becomes mandatory and binding on all UN member countries.
This in turn increases the responsibility upon financial organizations !
So, what does that mean to you ?
If you are part of the management of a bank, and it has allowed a transaction through which materials / components intended for the transfer / export of WMD were carried out, then your financial organization has violated UN Resolution 1540.
There are thousands of products, components and materials that have legitimate industrial uses, but also could be part of a WMD (nuclear, chemical or biological weapon) or its means of delivery (e.g. missiles, drones, aircraft).
Many companies trade these dual-use products and deal with entities globally.
As such, please note!
These deals can be transacted by your financial organization!
As a result of this UN decision:
Even so! The ultimate responsibility for these economic transactions still rests with the financial entities that allow the transaction to be carried out under their supervision. And hence now also bear the risk of committing a violation, and the resulting penalties!
So what does Safe-Zone4Banks offer?