Discuss in brief the initiative taken in U.N. Vienna Convention held in Dec. 1988 to prevent money laundering in the world for investment in drugs and narcotics.

The first major initiative in the prevention of money laundering was the United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances , held in December 1988 (popularly known as the Vienna Convention ). This convention laid the groundwork for global efforts to combat money laundering by: Obliging Member States to Criminalize: It obliged the member states to criminalize the laundering of money derived from drug trafficking. Promoting International Cooperation: It promoted international cooperation in investigations related to money laundering. Facilitating Extradition: It made extradition between member states applicable to money laundering offenses. Addressing Bank Secrecy: The convention also established the principle that domestic bank secrecy provisions should not interfere with international criminal investigations, thereby removing a significant barrier to tracing illicit funds. In essence, the Vienna Convention was a landmark international treaty that provided a legal framework for countries to combat drug trafficking and the financial crimes associated with it, including money laundering.