Step up efforts to effectively combat money laundering, terrorism financing: G20

Indonesia is hosting the 17th G20 leaders' summit (Image: AP)

The G20 countries on Wednesday asked the world community to step up their efforts to effectively combat money laundering and terrorism financing as the grouping reaffirmed its commitment to delivering the strategic priorities of the FATF and its regional bodies to lead global action to respond to these threats.

A joint declaration issued at the end of the two-day G20 summit said that the grouping encourages all members to strengthen collaboration to adopt and effectively implement the Financial Action Task Force (FATF) standards. "We recognise the need for the international community to step up their efforts to effectively combat money laundering, terrorism financing, and proliferation financing,” the declaration said.

The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.The G20 members reaffirmed their commitment to delivering the strategic priorities of Paris-based FATF and its FATF Style Regional Bodies (FSRBs) to lead global action to respond to these threats, the declaration added.”

We welcome the initiative by the FATF to promote the implementation of international standards on virtual assets, in particular the "travel rule", and transparency of beneficial ownership, and acknowledge their role in the fight against systemic corruption and environmental crimes, which gravely impact economies and societies,” it said.

It supported the ongoing work of the FATF to enhance global efforts to seize criminal proceeds and return funds to victims and states in line with domestic frameworks."We encourage all G20 members to strengthen collaboration to adopt and effectively implement the FATF standards,” the declaration added.

Indonesia on Wednesday handed over the G20 presidency to India for the coming year at the Bali summit here with Prime Minister Narendra Modi terming it a matter of pride for every Indian citizen.

The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the USA and the European Union (EU).

Together, they account for over 80 percent of the global GDP, 75 percent of international trade, and two-thirds of the world population.