PM Modi, other G20 Leaders call for swift implementation of FATF Standards

PM Modi, other G20 Leaders call for swift implementation of FATF Standards

Agency News

Osaka (Japan), Jun 29: Global leaders including the likes of US President Donald Trump, Chinese leader Xi Jinping and Indian Prime Minister Narendra Modi on Saturday adopted a key declaration condemning terrorism and insisted that there ought to be full, effective and swift implementation of the FATF Standards.

"We reiterate our strong commitment to step up efforts to fight these threats (terror financing etc) including by strengthening the FATF’s global network of regional bodies. We call for the full, effective and swift implementation of the FATF Standards," the declaration adopted by the G20 leaders at the end of the two-day Summit meet here said.

"We continue to step up efforts to enhance cyber resilience. We welcome the United Nations Security Council Resolution 2462, which stresses the essential role of the FATF in setting global standards for preventing and combating money laundering, terrorist financing and proliferation financing," the declaration said.

The declaration pledged: "We remain committed to play a leading role in the global efforts to prevent and fight against corruption, as well as promoting integrity, by implementing the G20 Anti-Corruption Action Plan 2019-202".

It further said - "We renew our commitment to pursuing high level international cooperation between G20 members in the fight against corruption and to lead by example through the effective implementation of the United Nations Convention against Corruption, including its review process. We will intensify our efforts to combat foreign bribery and to ensure that each G20 country has a national law in force for criminalizing foreign bribery as soon as possible."

The Group of 20 leaders’ Summit in Osaka concluded Saturday with promises to work toward trade and investment that is free, fair, nondiscriminatory, transparent, predictable and stable.

Prime Minister Shinzo Abe said in a news conference following the declaration’s adoption - “It is difficult to find a solution, in one stroke, regarding a variety of challenges. However, in this year’s summit, in many areas, we were able to send out the strong will of the members of the G20 to the whole world, creating a sustainable, future-oriented growth path".

According to reports in Japanese media, Mr Abe, who chaired the G20 Session, noted that current trade tensions, especially between the United States and China, were creating worries around the world.

The declaration echoed a phrase adopted in the communique of the G20 finance ministers meeting earlier this month, noting that trade and geopolitical tensions have intensified. (UNI)