Laws governing unclaimed funds need to be reshaped
Vishnu Mohan | 01 Dec 2010
UN's intervention would necessitate cooperation of the member countries in divulging the correct information and doing everything to make the funds available easily once legally sought by the United Nations governing body.
IT IS estimated that billions of money (including gold) are stashed in world’s leading banks like Swiss banks but claims have not been made for a prolonged period of time. It is also estimated in many countries different banks sit upon unclaimed money and assets which include savings accounts, uncashed money orders, cashiers checks, unclaimed insurance benefits, royalty payments, safe deposit contents, unused gift certificates, unclaimed security deposits, cash dividends, stock, court deposits and utility deposits or refunds.
Perhaps, it is time to debate on giving the whole concept a new shape. United Nations can play a very meaningful role in giving the above issue a more pragmatic approach. For example, if United Nations or its subsidiaries get access to all these funds which have been unclaimed for so many years and put these to better use in countries which are at the bottom of the graph affected by basic developments, I am sure utilisation of such money will prove to be productive and for a cause.
Therefore, debates should be initiated as to how best to recover these funds which are just lying unattended in so many banks in different parts of the world. This would necessitate cooperation of the member countries in divulging the correct information and doing everything to make the funds available easily once legally sought by the United Nations governing body.