Bank Of International Settlements (BIS)
The Bank for International Settlements (BIS) is an international financial institution owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. This year in IGMUN, BIS, delegates will discuss upon two agenda items. Those are;
Agenda Item I: Banking Policies for Avoiding Global Recessions
The International Monetary Fund defines a global recession as "a decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption".
According to this definition, since World War II there were only four global recessions, all of them only lasting a year. The 2009 global recession, also known as the Great Recession, was by far the worst of the four post war recessions, both in terms of the number of countries affected and the decline in real World GDP per capita.
Before April 2009, the IMF argued that a global annual real GDP growth rate of 3.0 percent or less is "equivalent to a global recession.'' By this measure, there were six global recessions since 1970. Throughout this agenda item, delegates will be expected to eliminate the risk of a possible global recession whilst paying attention to their countries’ banking policies.
Agenda Item II: Promoting Acts to Increase Banking Transparency to Limit Offshore and Cross-border Money Laundering and Tax Evasion
As international payments increase, the payments landscape is becoming more global. An uptick in cross-border payments has heightened concerns about money laundering, and 2011 is expected to see greater pressures from international agencies aimed at fighting AML. It's also expected to be a year when holes in global payment structures are increasingly targeted by international criminals.
The current international tax agenda relies on two building blocks: tackling tax avoidance via the OECD/G20 Base Erosion and Profit Shifting (BEPS) project; and promoting transparency and exchange of information among jurisdictions for tax purposes. Today we are at a crucial juncture. After all, building universally acceptable tax solutions would be pointless without global implementation
While discussing this topic, the delegates are expected to find globally acceptable solutions that are adaptable to all member states’ policies.