G-20 for peer review on initiatives to check money laundering

V S Chandrasekar

Pittsburgh, Sep 26 (PTI) The G-20 leaders have agreed to
a peer review of steps being taken by different countries to
check money laundering and funding of terrorism, besides
initiatives against tax havens.

"We are committed to maintaining the momentum in dealing
with tax havens, money laundering, proceeds of corruption,
terrorist financing and prudential standards. We welcome the
agreement to deliver an effective programme of peer review",
said the leaders' statement issued at the end of the G-20
Summit here Friday.

It said the focus of the expansion of the Global Forum on
Transparency and Exchange of Information, including
participation of the developing countries, would be on sharing
of information so that they can fully enforce the laws to
protect their tax base.

The peer review, Prime Minister of India Manmohan Singh
said would help scrutiny of policies of major developed and
developing countries by the G-20.

"This will give an opportunity to pick up holes in their
policies. This will be an advantage," he added.

Declaring their resolve to take measures to combat
terrorist funding, the G-20 leaders asked the Financial Action
Task Force (FATF) to make public the list of high-risk money
laundering and terror financing jurisdictions by February.
MORE PTI