Explanation of Position following the Adoption of the UNGA72 Second Committee Resolution on Financial Inclusion for Sustainable Development

Jason Lawrence
Adviser for Economic and Social Affairs
U.S. Mission to the United Nations
New York City
November 28, 2017


Thank you, Chair.

While we join consensus on the resolution, we would like to take the opportunity to clarify points in operative paragraph 10. The United States has consistently and publicly maintained that the issue of access to banking services, including correspondent banking, is more appropriately addressed by the existing and ongoing dialogues in fora such as the Financial Action Task Force, the Financial Stability Board’s Correspondent Banking Coordination Group, and the Basel Committee on Banking Supervision. The United States notes the emerging consensus that ineffective supervision of the money transfer sector in many jurisdictions, along with weak capacity to adequately manage risk, is an important driver of the challenges the sector faces in maintaining banking access.

With regard to this resolution’s references to the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda, we addressed our concerns in the general statement delivered on November 17.

Thank you.