News

UN Humanitarian Transactions Carveout on Life Support

A U.N. exemption's failure to prod financial institutions into handling payments for humanitarian shipments to regions in which blacklisted terrorist organizations operate is threatening the measure's renewal in December, analysts told ACAMS moneylaundering.com. Security Council Resolution 2664, approved in December 2022 with 14 countries in favor, one abstaining and 53 others supporting, provides a "humanitarian carveout" for payments banks and other financial services companies would otherwise have to freeze pursuant to longstanding U.N. sanctions, including those targeting al-Qaida and the Islamic State group. But the Security Council is set to abandon the exemption in December despite the persistent threat of...

TO READ THE FULL STORY