G-20 Finance Ministers and Central Bank CEOs met April 22-23 in Washington, D.C.
The Communiqué released at the end of the meeting today reaffirmed the G-20's commitment to financial sector reform and the need to improve the quality and quantity of bank capital, strengthen liquidity standards, and discourage excessive leverage. Countries committed to ensure the world's rebound from the recession, and a framework mechanism to ensure world economic growth was agreed, All conclusions will be taken into account in drafting recommendations to the G-20 leaders for their summit in Toronto on the 26th and 27th of June this year.
Particularly on AML/CFT and information exchange issues, the G20 Ministers said: “We welcomed the progress by the Financial Action Task Force in the fight against money laundering and terrorist financing, particularly regarding the issue of a public statement on jurisdictions with strategic deficiencies last February. We also welcomed the report by the Global Forum on Tax Transparency and Exchange of Information, the launch of the peer review process, and the development of a multilateral mechanism for information exchange which will be open to all countries. We welcomed the launch of the evaluation process by the Financial Stability Board (FSB) on the adherence to prudential information exchange and cooperation standards in all jurisdictions.”
G-20 finance ministers will meet again in South Korea in early June, ahead of the leaders’ summit in Toronto later that month. Under the theme of “Recovery and New Beginnings,” the G20 Toronto Summit will focus on recovery from the global economic and financial crisis and the implementation of commitments from previous G20 summits, while laying the foundation for sustainable and balanced growth.
April 23 Communique