G20 London Declaration on further steps to strenghten the financial system, 4-5 September 2009

Sectors : Regional cooperation and integration, Tax regulation and illicit financing
Organisation : G20
Date made: 
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Commitments in: Development partnerships - Regional cooperation and integration

“We, the G20 Finance Ministers and Central Bank Governors, reaffirmed our commitment to strengthen the financial system to prevent the build-up of excessive risk and future crises and support sustainable growth...

...But more needs to be done to maintain momentum, make the system more resilient and ensure a level playing field, including the following actions:...

...4. Tackling non cooperative jurisdictions (NCJs): delivering an effective programme of peer review, capacity building and countermeasures to tackle NCJs that fail to meet regulatory standards, AML/CFT and tax information exchange standards; standing ready to use countermeasures against tax havens from March 2010; ensuring developing countries benefit from the new tax transparency, possibly including through a multilateral instrument; and calling on the FSB to report on criteria and compliance against regulatory standards by November 2009.”