Flagship Species Conservation Act of 2005 - Requires the Secretary of the Interior to use amounts in the Multinational Species Conservation Fund (Fund) to provide conservation assistance for flagship species of fish or wildlife where project proposals for such conservation are approved by the Secretary in accordance with this Act.
Identifies eligible applicants and sets forth requirements for project proposals. Authorizes the Secretary to approve a project proposal if it will help recover and sustain viable populations of flagship species in the wild by assisting efforts in foreign countries to implement flagship species conservation programs.
Establishes in the Fund a separate account to be known as the Flagship Species Conservation Fund to fund approved flagship species conservation projects.
Authorizes the Secretary to convene an advisory group to assist in carrying out this Act.