G20 countries endorse terrorism action plan

G20 endorses plan to eradicate terrorist financing

G20 endorses plan to eradicate terrorist financing

"We are committed to combating terrorism by cutting off its financial sources," the Group of 20 said in a communique after a meeting of its finance ministers in Ottawa. "There should be no safe haven for the financing of terrorism."

The statement said the countries agreed on "an action plan to deny terrorists and their associates access to our financial systems. We call on other countries to take similar steps."

The G20, which represents 85 per cent of the world's gross domestic product, comprises G7 countries - the United States, Japan, Germany, France, Italy, Britain and Canada - plus Russia, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey.

READ MORE

The European Union and the IMF and World Bank are also members.

The G20 members agreed to implement UN Security Council resolution 1373 to stop financing of terrorism, and to freeze assets of terrorists and their associates in their jurisdictions. The members also agreed to make public the lists of those whose assets may be frozen.

The plan also calls for the creation of a financial intelligence unit in each member country and enhanced international cooperation, especially with the multilateral Financial Action Task Force, created to fight money laundering.

AFP