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G-20 leaders reaffirm full help for FATF’s efforts to fight cash laundering, terrorist financing

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In the Rome Declaration, the G-20 nations confirmed their help for strengthening the FATF suggestions to enhance helpful possession transparency and known as on international locations to struggle cash laundering from environmental crime, notably by appearing on the findings of the watchdog’s report.

G-20 leaders, together with Prime Minister Narendra Modi, have reaffirmed their full help for the Financial Action Task Force and recognised that efficient implementation of the measures put in place to fight cash laundering, terrorist financing and proliferation is crucial for constructing confidence in monetary markets, making certain a sustainable restoration and defending the integrity of the worldwide monetary system.

In the Rome Declaration issued on Sunday, the G20 leaders careworn the relevance of the risk-based method of the worldwide anti-money laundering and Paris-based terror financing watchdog’s suggestions with the purpose to make sure authentic cross-border funds and to advertise monetary inclusion.

“We reaffirm our full support for the Financial Action Task Force (FATF) and the Global Network and recognise that effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation (AML/CFT/CPF) measures is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system,” the declaration said.

FATF is an inter-governmental physique established in 1989 to fight cash laundering, terrorist financing and different associated threats to the integrity of the worldwide monetary system.

Earlier this month, the FATF introduced that Pakistan will stay on its ‘grey list’ till it additional demonstrates that motion is being taken in opposition to Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who’re listed as international terrorists by the United Nations.

The FATF additionally positioned Turkey, Jordan and Mali to its watch record.

Pakistan was positioned on the gray record by the FATF in June 2018 and was given a plan of motion to finish it by October 2019. Since then, the nation continues to be in that record because of its failure to adjust to the FATF mandates.

In the Rome Declaration, the G-20 nations confirmed their help for strengthening the FATF suggestions to enhance helpful possession transparency and known as on international locations to struggle cash laundering from environmental crime, notably by appearing on the findings of the watchdog’s report.

“We reaffirm the commitments made by Finance Ministers and Central Bank Governors aimed at sustaining and strengthening the work of the FATF-Style Regional Bodies,” the declaration stated.

The G20 nations additionally stated that they may work in the direction of enhancing confidence within the digital setting by bettering web security and countering on-line abuse, hate speech, on-line violence and terrorism whereas defending human rights and elementary freedoms.

They renewed their dedication to zero tolerance for corruption in the private and non-private sectors and stated that to realize frequent targets within the international struggle in opposition to corruption, they’ve adopted the 2022-2024 Anti-Corruption Action Plan.

“We are committed to fight any new and sophisticated forms of corruption. We endorse the G20 High-Level Principles on Corruption related to Organized Crime, on Tackling Corruption in Sport, and on Preventing and Combating Corruption in Emergencies, and adopt the G20 Anti-corruption Accountability Report. We reaffirm our commitment to deny safe haven to corruption offenders and their assets, in accordance with domestic laws and to combat transnational corruption,” the declaration said.

The G20 is a number one international discussion board that brings collectively the world’s main economies. Its members account for greater than 80 per cent of the worldwide GDP, 75 per cent of worldwide commerce and 60 per cent of the inhabitants of the planet.

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