Character count: 2,081
Word count: 328
Lydia Anderson, Assistant to the Delegate-Ambassador: Absent any feedback of substance, I will submit this on June 3rd 2022 - that's two weeks from now if you're taking notes. Despite some conflicts with my friend Ambassador Hepperle in the drafting stage that Article d(iii) may contradict the WA General Fund, I reminded him that Ambassador Tyvok's failed resolution about currency exchange, which forbade "any special taxation upon the process of exchanging any one nation’s currency for any other nation’s currency within [member states'] jurisdictions," was legal despite having passed a few months after WAGF.Word count: 328
OOC: There have been many attempts at regulating currency exchange (surely an international issue if there was one). The closest anyone got was two of Krioval's drafts being defeated at vote. On November 10th last year, Terra Animo wrote Currency Exchange Transparency Act, hereinafter CETA. It would have required member states to make the "approximated [exchange rate] determined by the International Securities and Exchange Commission (ISEC) at the end of the previous week," among other things, visible "where the exchange of currency takes place."
Terra Animo submitted CETA very rapidly, apparently for regional election purposes. CETA was widely criticised, and was ultimately pulled at 4am BST on 14th November - an hour before it was due to go to vote. Many people believed that Terra Animo would redraft CETA, but twelve hours after removing it, Terra Animo retired on the grounds that "I am a man of faith, and have come to realize that this website and its happenings are nothing but a distraction."
All glory goes to Honeydewistania and Scalizagasti for offering rather helpful feedback on the below proposal in the days after Terra Animo's retirement. Articles b and d in particular (except for the currency conversion provision) were present in an older, now-dormant draft that the three of us worked on, and they were completely okay with those particular extracts from the old draft existing in this proposal. Scal said he didn't have any more thoughts "right now" on November 25th. I summarily forgot about it for six months, revived it, and he still didn't have any thoughts. Honeydew was chill with it, too - so here we are. (Also, the player behind the nation of Tinhampton is an atheist. Assistant Anderson... isn't!)
Currency Transfer Compact
A resolution to reduce barriers to free trade and commerce.Category: Free TradeStrength: MildProposed by: Tinhampton
Aware that many people choose to leave their country from time to time (or even just once) for various reasons, and
Believing that such people should not be unduly discriminated against, either in seeking to exchange their home currency for that of their destination state or in sending remittances to family and friends in their home state...
The General Assembly enacts as follows.
- Definition: In this resolution, the "exchange rate" between two currencies means the most recently published exchange rate between those currencies as determined on the market.
- Equality in wage disposal rights: Member states must not restrict the ability of their inhabitants to dispose of their wages as they please based on their residency or immigration status, although this article must not be read as prohibiting all restrictions on wage disposal. To this end, each member must allow its inhabitants to:
- send part of their wages as remittances to another state where they have personal connections, and which is neither at war with that member nor affected by sanctions which it must impose pursuant to prior and standing international law,
- receive remittances from states which they are allowed to send remittances to, and to
- engage in currency conversion that complies with Article c.
- Regulating currency exchange: Any entity in a member state which offers to convert any currency into any other currency must publicise and adhere to the exchange rate between those currencies.
- Taxes and fees: Members:
- must avoid taxing any money (including remittances) simply because it has entered or left their jurisdiction, including any money that has entered their jurisdiction and has already been taxed by the nation it was sent from,
- are urged to ensure that any additional, non-tax fees imposed on the transfer of remittances from their jurisdiction are not excessive, and
- shall remove all taxes and fees imposed solely or primarily upon the exchange of currency within their jurisdiction.
Co-authors: Honeydewistania, Scalizagasti