The Banking and Financial Services Law Commission aims to deepen relevant topics in current discussions, among other things, on capital markets, new technologies, payment services, financial inclusion, virtual assets, fight against corruption/money laundering/terrorist financing/financing of the proliferation of weapons of mass destruction, sustainable finance, blue economy and climate finance.
During the Closing Ceremony of the 2024 UIA 68th Paris Congress, the Banking and Financial Services Law Commission received the “Commission of the Year Award” recognising the scientific work undertaken.
There are many opportunities to cooperate with the Banking and Financial Services Law Commission (e.g. writing articles or attending UIA events as participants or speakers).
Any ideas, proposals, comments and questions are welcome.
On 10 February 2024, the “UIA Banking and Financial Services Law Commission Group” had been created on LinkedIn. You are all invited to join the Group.
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The Banking and Financial Services Law Commission conducts ongoing monitoring on matters that are a priority for the international community.
Resilient, transparent and smooth-functioning banking systems and capital markets contribute to financial stability, job growth and poverty alleviation.
Technology is transforming the way we work and live. Payments are probably the financial activity most affected by innovation. New financial technologies can facilitate access to financial services and improve the efficiency of the financial system. Digital financial services have the potential to lower costs by maximizing economies of scale, to increase the speed, security and transparency of transactions and to allow for more tailored financial services that serve the poor. Financial technology opens opportunities to boost economic growth, especially for financial inclusion.
Good access to finance (transactions, payments, savings, credit and insurance) improves a country’s overall welfare because it enables people to thrive and better manage their needs, expand their opportunities and improve their living standards.
Virtual assets have the scope to make payments easier, faster and cheaper, and provide alternative methods for those without access to regular financial products. However, they are largely unregulated, and also have the potential to become worthless and are vulnerable to cyberattacks and scams.
Fighting corruption could lead to more inclusive and sustainable growth.
Money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction pose serious threats to international peace and security and to the integrity and stability of some countries' financial sector or to external stability and can also threaten the international financial system. It is increasingly recognized that effective anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks, and financial integrity more broadly, are key to financial stability, and that efforts to this effect should be pursued. Strong AML/CFT policies and measures are therefore crucial to mitigate the attendant threats.
The role of finance is also significant in achieving a greener and more sustainable economy. “Sustainable finance” refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment decisions in the financial sector, leading to more long-term investments in sustainable economic activities and projects. “Blue economy” is defined as “all economic activities related to oceans, seas and coasts. It covers a wide range of interlinked established and emerging sectors”. Financial institutions provide the financing, investment and insurance required to power ocean-linked sectors. “Climate finance” refers to financial resources and instruments that are used to support action on climate change (e.g. market-based and concessional loans from financial institutions).
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