AMN /
Amid the row over Panama papers leaks, the G20 countries, including India, have sought a crackdown on tax heavens, shell companies and terror financing by increasing financial transparency and sharing of key information in a timely manner.
A communique in this regard was issued by G20 countries, yesterday after meeting of its Finance Ministers and Governors of Central Banks at Washington on the sidelines of the annual Spring Meeting of the International Monetary Fund and the World Bank. Finance Minister Arun Jaitley and the Reserve Bank Governor Raghuram Rajan attended the meeting on behalf of India.
In the communique, the G20 Finance Ministers reiterated that it is essential that all countries and jurisdictions fully implement the Financial Action Task Force (FATF) standards on transparency.
Seeking a crackdown on terror financing, the Finance Ministers called on all countries to join its efforts including through swift and effective implementation of FATF standards.
The communique also called on all countries, which have not committed to implement the standard on automatic exchange of information by 2017 or 2018 to do so without delay and to sign the Multilateral Convention.
