Proliferation of Weapons of Mass Destruction – Proliferation Financing

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This video aims to provide an overview of the Proliferation of Weapons of Mass Destruction (WMDs), proliferation financing, and the international standards established to combat such proliferation. By watching this video, viewers will gain an understanding of the basic concepts, terminology, and significance of Weapons of Mass Destruction proliferation, as well as how these aspects relate to the offshore global business sector. • The Financial Action Task Force (FATF) is a global watchdog focused on combating money laundering and terrorist financing by establishing international standards to prevent these illicit activities. According to the FATF, the proliferation of weapons of mass destruction encompasses the transfer and export of nuclear, chemical, or biological weapons, as well as their means of delivery and associated materials. This includes technologies like missiles, rockets, and other relevant components. • Weapons of Mass Destruction represent a category of weaponry that possesses the potential to cause significant destruction in a single instance, resulting in the loss of millions of civilian lives, endangering the natural environment, and fundamentally altering the future of subsequent generations due to their catastrophic effects. • Several international conventions exist to address the detection and prohibition of proliferation, particularly concerning nuclear materials (such as the Nuclear Non-Proliferation Treaty). However, these conventions do not specifically address the proliferation financing aspect of same. In 2004, the UN Security Council adopted Resolution 1540, which mandated nation-states to implement various measures to prevent the proliferation of nuclear, chemical, or biological weapons. Subsequently, the Financial Action Task Force began recognising the threats associated with proliferation financing and its connection to terrorism and terrorism financing in 2007. • The FATF has provided a comprehensive set of recommendations for member countries, calling for the establishment of strong legal and regulatory frameworks by countries to effectively detect, prevent, and disrupt the proliferation financing of weapons of mass destruction. Additionally, they emphasise the importance of enhancing international cooperation and information sharing among countries to effectively counter the threat of the proliferation of weapons of mass destruction. • To conclude, the proliferation of weapons of mass destruction is a major global concern, and the FATF acknowledges the importance of addressing the proliferation financing dimension of this threat. The FATF strives to enhance the global financial system's capacity to identify, prevent, and disrupt the financing of WMD proliferation through its standards and recommendations. In doing so, the FATF contributes to international endeavors aimed at fostering peace and security. • ---------- • Background Music: Snowfall – Scott Buckley (No Copyright Music) • • Snowfall – Scott Buckley (No Copyrigh... • ---------- • VIEWS AND OPINIONS: All material and content used in this video have been obtained from publicly available sources. Views, opinions, statements, and recommendations are my own and do not reflect those of any regulatory bodies or authorities, and past, current, or future employers. This channel is my own and is not connected to or part of any organisation. • DISCLAIMER: This video is for informational purposes only and does not constitute legal or binding advice. • GENERAL INFORMATION: The information presented in this video may not be fully accurate, complete, or up to date. It is recommended that viewers seek their own independent legal advice to address their specific circumstances. • INDIVIDUAL CIRCUMSTANCES: This video may address general legal principles, but may not be applicable to individual circumstances. Laws and regulations vary by jurisdiction and do change over time. Therefore, it is essential to consult with a qualified legal representative or chosen Management Company (“MC”) to obtain advice tailored to any specific situation. • LIMITATION OF LIABILITY: The creator of this video shall not be held liable for any direct, indirect, incidental, consequential, or special damages arising out of or in connection with the use of the information provided in this video. This includes, but is not limited to, reliance on the information presented, errors or omissions, or any action taken based on the content of the video. • NO REPRESENTATION: The creator of this video is not associated or connected in any way, shape, or form whatsoever, to any governmental and/or regulatory bodies, be it in Mauritius or abroad (at the time of recording this video).

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