The initiative was launched yesterday, the eve of the UN's 70th anniversary, by Liechtenstein's Foreign Minister Aurelia Frick who called the code "a catalyst for a culture of zero tolerance for atrocity crimes within the council."
She said it would also serve as a catalyst for political accountability between the council and the rest of the 193 UN member states.
While not legally binding, the Code of Conduct reflects growing concern at the power of the five veto-wielding council members the US, Russia, China, Britain and France to veto a resolution on crimes against mass atrocities.
The code, signed by 102 countries, also contains a political pledge to support timely and decisive council action against atrocity crimes.
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Richard Dicker, director of international justice at Human Rights Watch, said if effectively invoked by signatories, the Code of Conduct "could increase the political costs of voting against a credible Security Council resolution in situations of mass atrocity crimes."
"It may provide a challenge to the misuse of the veto by some permanent members, a misuse that rightly offends so many UN member states," he said.
But he said that today, with strong support from member states, "we are clearly in a stronger position to continue our efforts.