We, the finance ministers and central bank governors of the Group of 20, in the name of global peace and security, are determined to stop the financing of terrorism. The fight against terrorist financing is a shared responsibility of the Group of 20 and the broader international community. We have therefore adopted today a comprehensive action plan of multilateral cooperation to deny terrorists and their associates access to, or use of, our financial systems and to stop abuse of informal banking networks.
We will implement quickly and decisively the measures that the United Nations (UN) has identified as essential to combating terrorist financing. We will block terrorists’ access to our financial system. We will work with the international financial institutions, the Financial Action Task Force (FATF) on Money Laundering, the Financial Stability Forum, and other relevant international bodies to prevent abuses to the financial system and threats to its integrity through the promotion of international standards relevant to terrorist financing, money laundering, and financial sector regulation and supervision. We welcome the conclusions of the recent FATF extraordinary plenary on terrorist financing. Above all, we will enhance our ability to share information domestically and internationally as a vital component in the fight against terrorism.
We encourage all nations to join the international effort to choke off the financing of terrorism. Where a country’s willingness outstrips its ability to act in concert with us, we will provide technical assistance in accordance with this action plan.
In pursuing these commitments, we have agreed to the following concrete steps:
Freezing terrorist assets
• Each Group of 20 member will implement the relevant UN Security Council Resolutions, particularly UNSCR 1373, to stop the financing of terrorism.
• To this end, each Group of 20 member will, within its jurisdiction, freeze the assets of terrorists and their associates and close their access to the international financial system.
• Each Group of 20 member will, consistent with its laws, make public the lists of terrorists whose assets are subject to freezing, and the amount of assets frozen, if any.
Implementation of international standards
• Each Group of 20 member will ratify and implement the UN Convention for the Suppression of the Financing of Terrorism as soon as possible.
• Each Group of 20 member will ratify the UN Convention against Transnational Organized Crime.
• We will work cooperatively and in collaboration with the IMF and the World Bank, FATF, the Financial Stability Forum, the Basle Committee of Banking Supervisors, and other relevant international bodies to promote the adoption, implementation, and assessment of international standards to combat the abuses of the financial system, including in respect of terrorist financing, financial regulation, and money laundering. We welcome FATF’s offer to work collaboratively with us in implementing eight special recommendations on terrorist financing.
Exchange of information and outreach
• We will enhance our cooperation on the international exchange of information, including on actions taken under UN resolutions. Group of 20 member countries will promptly implement such measures as are necessary to facilitate this exchange.
• Each Group of 20 member will establish promptly, or maintain, a financial intelligence unit and will take steps to enhance information sharing among members, including through promoting universal participation in the Egmont Group of such units.
• We will promote the fight against terrorist financing within our respective regions and will ask other countries to join this action plan.
• An important element of this effort is the work of the regional FATF-style anti-money-laundering bodies. Accordingly, the Group of 20 calls on these regional bodies to meet promptly and to expand their mandates to include terrorist financing.
• We are committed to providing, where possible, technical assistance to countries that need help in developing and implementing necessary laws, regulations, and policies to combat terrorist financing and money laundering.
• We call on the IMF, the World Bank, and other multilateral and regional organizations to provide technical assistance, including by expanding existing programs and training centers.
Compliance and reporting
• To promote implementation and compliance with international standards and to share information regarding our respective laws, regulations, and best practices to address terrorist financing, we will support the activities of the UN Counter-Terrorism Committee. We will also actively support surveillance and voluntary self-assessment through the international financial institutions, FATF, and relevant international bodies.
• We will respond positively to the FATF’s invitation to participate in a self-assessment of the eight special recommendations on terrorist financing.
• We encourage the Financial Stability Forum, at its next meeting, to undertake work respecting the actions of financial sector regulators in the fight against terrorism.
• We will ensure that our financial institutions and citizens comply with measures to combat the financing of terrorism and other financial crimes and will assist them to do so, including by informing financial institutions of their obligations and new developments.
• We urge the regional FATF-style bodies to actively contribute to the FATF’s worldwide self-assessment program.
• We will review our progress on this action plan at our next ministerial meeting.