G20 Countries Aims to Restriction on Tax Havens, Terror Financing [ Current Affairs ]
The G20 countries together with India have required a crackdown on tax heavens, shell companies and terror financing in the come round the ‘Panama Papers’ scandal. G20 countries has issue a communique after meeting of its Finance Ministers and Governors of Central Banks on the byproducts of the annual Spring Meeting of the International Monetary Fund and the World Bank at Washington.
- On behalf of India Union Finance Minister Arun Jaitley and the Reserve Bank of India (RBI) Governor Raghuram Rajan attended the meeting.
Key highlights of G20 meeting:
- G20 countries called for cumulative financial transparency and distribution of key information in a timely manner to restriction on tax heavens, shell companies and terror financing Focused on fully implementation of the Financial Action Task Force (FATF) values on transparency as an important part for countries and their authorities.
- Named all countries to join its efforts including through swift and effective application of FATF standards.
- It also gives attention on the new Combined Strategy on Combating Terrorist Financing and provisions of the UN Security Council Resolution 2253.
- Titled countries which have not yet dedicated to implement the standard on automatic exchange of information by 2017 or 2018 to do so without delay.
- It also asked them to sign the Multilateral Convention.
About G20 Developing Nations:
- The G20, also known as the Group of 20 is a union of developing nations which was established on 20 August 2003.
- Different and separate from the G-20 major economies, the group materialized at the 5th Ministerial WTO conference, held in Cancun, Mexico, from 10 September to 14 September 2003.
- The G-20 includes 60 % of the world’s population, 70 % of its farmers and 26 % of world’s agricultural exports.
- Published on: April 18, 2016