tailieunhanh - Actions Against Abuse of the Global Financial System: Report from G7 Finance Ministers to the Heads of State and Government

The Committee evaluated the impact of its regulatory regimes on trade finance for low income countries. For those countries, confirmed letters of credit are of specific importance. Confirmed letters of credit provide exporters with additional protection against any losses incurred from importers’ and issuing banks’ failure to meet their obligations of payments. A typical example is the export of goods to a low-income country which in almost all cases requires a confirmed letter of credit since the exporter generally will not rely only on the creditworthiness of the importer and its bank. While waiving the one-year maturity floor also. | Actions Against Abuse of the Global Financial System Report from G7 Finance Ministers to the Heads of State and Government Okinawa 21 July 2000 Table of Contents paragraph A. Challenges and Our Approach 1-2 B. Money Laundering 3-5 C. Tax Havens and Other Harmful Tax Practices 6-8 D. Offshore Financial Centers 9-13 E. Role of International Financial Institutions 14-16 Actions Against Abuse of the Global Financial System Report from G7 Finance Ministers to the Heads ofState and Government A. Challenges and Our Approach 1. Financial crime is increasingly a key concern in today s open and global financial world which is characterized by the high mobility of funds and the rapid development of new payment tools. To secure the benefits of the international financial system we the Finance Ministers of the G-7 countries must ensure that its credibility and integrity are not undermined by financial crime. Further in order to fight effectively against the abuse of the global financial system we must not allow poor regulatory standards excessive bank secrecy and harmful tax competition. 2. Governments must intensify their cooperation and strengthen international frameworks to effectively combat money laundering and harmful tax competition and to improve the observance of international standards and good governance. For this reason we need to better coordinate our efforts and provide further impetus to efforts under way at various international fora and expeditious follow-up actions. We also need to promote international cooperation between law enforcement and tax and regulatory authorities in the fight against financial crime and abuse. B. Money Laundering 3. It is crucial that all financial centers throughout the world meet relevant international standards and cooperate effectively in the fight against money laundering. We welcome the initial work of the Financial Action Task Force FATF which published its review of the rules and practices of 29 countries and territories and

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