The G-20 leaders have asked for a public list of high-risk money laundering and terror financing jurisdictions by February, stating they are ready with counter measures against tax havens from March next year.
"We welcome the progress made by the Financial Action Task Force (FATF) in the fight against money laundering and terrorists financing and call upon the FATF to issue a public list of high-risk jurisdictions by February 2010," leaders of the world's richest and advanced developing nations, including India, said in a statement after two-day summit yesterday.
The G-20 stands committed to dealing with tax havens, money laundering, corruption spoils and terrorist financing.
"We stand ready to use counter measures against tax havens from March 2010...," it said adding that the Financial Stability Board will report against the non-cooperative jurisdictions, which remained an area of concern in regard to money laundering havens for proceeds of corruption.
India has been trying to get information from countries like Switzerland on the unaccounted money, believed to have stashed in Swiss banks, known for their secrecy.
"Today we agreed ... To take new steps...While clamping down on illicit outflows," the statement said.
The problems of illicit outflows into tax havens have become more pronounced when the world economy is in the midst of the worst recession since 1930s.
Source: Business Standard
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