YouSaid · the spoken record

Buku

lines on the record
13
first
2019-03-28
most recent
2019-03-28
sittings or episodes
1
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un-security-council

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  1. “As the Security Council debates resolution 2462 (2019), it is my hope that such debates will take cognizance of the need for member States to promote initiatives that will assist jurisdictions in financially excluded areas to put in place the necessary measures to combat the financing of terrorism and money laundering without stifling financial inclusion and hence to promote sustainable development in those countries.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  2. “Such measures should also include capacity- building, training and infrastructural support. Resolution 2462 (2019) under debate today also affirms the importance of improving national frameworks and inter-agency coordination, cooperation with the private sector, international cooperation and the need to explore ways in which the United Nations can better support Member States in implementing those initiatives. Accordingly, I wish to conclude by noting that the need to balance financial inclusion with financial integrity cannot be overemphasized.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  3. “In particular, we will also adopt the risk-based approach recommended in the guidelines note on new payment products and services issued by FATF in June 2013. Much has already been done in those jurisdictions to put in place relevant legislative and private-sector controls. However, more remains to be done and in that regard I wish to highlight the commitments made by the Paris Agenda to put in place measures such as the strengthening of information-sharing frameworks among the private sector, regulatory authorities and law enforcement agencies, as well as to work with financial institutions and designated non-financial businesses or professions to ensure that they fulfil obligations under domestic anti-money-laundering/eombating the financing of terrorism legislation.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  4. “It is therefore of critical importance that Governments in those jurisdictions put in place anti-money-laundering/ combating the financing of terrorism and financial regulations, which will facilitate financial inclusion initiatives while ensuring the integrity of the systems used to deliver such services so that they are not used for money laundering and financing terrorism. Such regulations will ensure that financial institutions and other non-bank-designated institutions have anti-money-laundering/combating the financing of terrorism programmes with appropriate controls that comply with Financial Action Task Force (FATF) standards and United Nations conventions on customer due diligence, transaction monitoring, sanction screening, record-keeping etc.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  5. “Other factors include porous borders and a lack of adequate identification regimes in some of the jurisdictions where these payment channels are in use. In addition, important users of such services are illiterate rural populations, for whom identity verification, know your customer and customer due diligence procedures may be difficult to carry out. The diversified product ranges offered through these payment channels, including cross-border and international remittances, can also be used by criminals for money laundering and terrorist financing. Criminals, including terrorists, will also use mobile networks as a primary means of communication to plan and coordinate terrorism and other criminal activities.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  6. “But ifI forget my debit or credit card, I am not worried. That is the power of mobile money and digital financial services in those countries. Every good thing, however, must come with an element of risk, as aptly captured by the Paris Agenda adopted at the high-level International Conference on Combating the Financing of Da'esh and Al-Qaida, held in Paris on 25 and 26 April 2018, on the theme "No money for terror", which recognizes that the products and services provided by innovative financial technologies may offer significant economic opportunities but also present a risk of being misused by criminals for money laundering and other criminal activity, including terrorist financing. Mobile money and other digital forms of payments will be attractive to criminals due to their speed of delivery and their anonymous nature.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  7. “Recent innovations in mobile transfer services in various jurisdictions coupled with a favourable regulatory environments have heralded unprecedented success in financial-inclusion initiatives, which have morphed today into an entire digital financial-services ecosystem offering savings, insurance, both local and international money transfers, payments and credit services on mobile-money platforms to both individuals and corporate entities. Today, there are over 270 mobile-money-transfer systems globally, and 866 million mobile-money- accounts transacted $1.3 billion daily in 2018 alone, 45.6 per cent of which were in sub-Saharan Africa and 33.2 per cent in South Asia. As an example, ifI forget my phone at home today, I have to go back home; otherwise, I will be severely financially handicapped.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  8. “In this regard, the lack of access to financial services in these regions, combined with the increasingly widespread use of mobile phones, has given rise to a mobile-phone-based economy whereby mobile platforms are used as an alternative to traditional banking systems. Indeed, when M-Pesa was launched in Kenya in 2007, only 1 billion of the world's 6.5 billion people had bank accounts, yet at least 3 billion had mobile phones. Today, mobile money-transfer services are arguably the single most effective contributor to global financial-inclusion initiatives, and, particularly in the developing countries, have facilitated access to cheap and reliable financial services to an ever- increasing formerly unbanked population segment.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  9. “These economies are also the ones suffering most from terrorism, especially Africa, which has been identified as being among the top three continents affected by terrorism, with the Horn of Africa and East Africa 4 where I come from - being identified as the region in sub-Saharan Africa most threatened by indigenous and international terrorism. Traditional providers of financial services are banks, microfinance institutions, credit unions and cooperatives. However, in developing economies, due to the lack of adequate traditional banking channels, new delivery channels have been at the forefront of financial inclusion, the most notable being mobile money-transfer and mobile-banking services.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  10. “There is a direct link between financial inclusion and global development goals, including the eradication of poverty, promotion of prosperity and protection of the environment, as more particularly outlined in the United Nations Sustainable Development Goals. Globally, around 1.7 billion adults are currently "unbanked" and without access to safe, reliable and convenient financial services, either through an account at a financial institution or through a mobile money-provider. In 2014, that number was 2 billion. Because account ownership is nearly universal in high- income economies, virtually all unbanked adults live in developing economies, mainly in Africa and South- East Asia.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  11. “They safeguard savings, which can help households better manage their cashflow and build working capital, which has also contributed to uplifting women in these countries. They help finance small businesses or micro-enterprises, assisting owners to invest in assets and grow their businesses. They enable planning and payments for recurring expenses such as school fees and access to electricity and water. They also mitigate shocks and manage expenses related to unexpected events, such as medical emergencies, death in the family, theft and natural disasters, including famine alleviation and refugee crises. They also improve the overall welfare of poor families.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  12. “Indeed, the FATF guidance paper on anti-money-laundering and terrorist- financing measures and financial inclusion, issued in June 2011, recognized financial inclusion as a key agenda item in the fight against terrorism and terrorist financing, and this will be the main focus ofmy briefing to the Council this morning. Financial services are foundational to addressing today's pressing global issues ofpoverty, inequality and migration, and to enabling the achievements of a wide array of national development goals, which is evidenced by an expanding body of research. Numerous studies have demonstrated that bank accounts and payment services - and, in particular, access to them - have a measurable impact on poverty, more particularly as follows. They make day-to-day transactions possible, including the sending and receiving of money.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source

  13. “Ms. Buku: It is indeed a great honour and privilege for me to be invited to address the Security Council today. Resolution 2462 (2019), adopted today, is a timely measure in the promotion of the fight against terrorism, terrorist financing and money-laundering. I am from Kenya, and Kenyans have experienced firsthand the terrible consequences of terrorism, with the most recent incident at a local hotel still fresh in our minds. However, it is important to recognize that the fight against terrorism and the channels for financing terrorism must proceed in an enabling regulatory environment that does not stifle financial-inclusion initiatives in the affected regions.”

    2019-03-28 · UN Security Council · Security Council, S/PV.8496 (2019) · source