Summits | Meetings | Publications | Research | Search | Home | About the G7 and G8 Research Group
G7 Action Plan on Combatting the Financing of Terrorism
May 21, 2016, Sendai, Japan
[PDF in English] [PDF in Japanese]
The G7 reasserts its commitment to countering terrorist financing, which provides the means for terrorists to perpetrate attacks, sustain networks and spread their ideology through propaganda. Countering terrorism and violent extremism and bringing perpetrators to justice remain top priorities for the whole international community. The G7 commits to working together to strengthen the global fight against terrorist financing, and to providing continued strong leadership to the work of the Financial Action Task Force (FATF) and other relevant international organizations in this vital area.
As part of our joint resolve to tackle terrorism, the G7 countries have contributed to the FATF's work, including establishment of a global framework of combating the financing of terrorism (CFT) standards, which complement relevant UN Security Council Resolutions. While the FATF has developed a comprehensive set of CFT measures to be implemented by national governments, the evolving nature of current terrorist financing threats requires us to adapt our existing measures to combat those threats. G7 countries need to lead in assessing what actions we can take together to address these risks, paying due respect to the effect on legitimate business and financial inclusion.
In order to effectively combat terrorist financing, the G7 countries should collaborate in further strengthening the CFT regimes, and ensuring swift and effective implementation of the relevant FATF Recommendations and UN obligations, in particular taking the following actions:
Sound international cooperation and information exchange is critical in order to effectively tackle terrorist financing. In this regard, the G7 supports the related on-going work in FATF and Egmont Group, and commits to explore whether there is scope for further improvements.
The G7 will build on the work of relevant international organizations to identify, analyze and assess margins for improvement, and put forward pragmatic proposals to address potential vulnerabilities, in view of producing specific deliverable.
To this end, we will commit to do the following by the end of 2016:
The preventive measures in the FATF standards are important tools for governments and the private sector to detect, report, and analyze potential terrorist financing activity. These standards also serve as an important deterrent to illicit actors seeking to access to the international financial system.
Recent events provide an opportunity to strengthen the thresholds in those standards to effectively address terrorist financing risks, threats, and vulnerabilities we currently face, as well as to rationalize obligations across different types of financial institutions that provide similar financial services.
The G7 will conduct, by the end of September 2016, analysis of the relevant thresholds in the FATF Standards with a view to revising our respective national requirements, and will continue to work with FATF to most effectively combat terrorist financing.
To this end, we will:
Targeted financial sanctions are a critical tool to disrupting the financial support networks of terrorist organizations. The G7 reaffirms its commitment to make full use of terrorist asset freezing, in particular the financial sanctions tools set out in the relevant UN Security Council resolutions. In this regard, it expresses its full support for UN SCR 2253 (2015) agreed at a meeting of Security Council finance ministers on 17 December 2015.
We will further explore how to best address the obstacles that may exist to developing proposals for designations to the UN, whether that be by individual members or groups of member states, to the rapid consideration of such proposed designations by the UN sanctions committees and to national consideration of third party freezing requests when these requests comply with the requirements set out in our national legal frameworks.
To this end, we commit to do the following by the end of 2016:
The G7 acknowledges the decisive role played by the FATF in tackling terrorist financing. The evolving nature of current terrorist financing threats has made the FATF even more necessary. The international community collectively adapts to cooperate to combat those threats. G7 countries share the view that the FATF is the most legitimate and effective body to shape the global effort to tackle terrorist financing worldwide.
For these reasons, the G7 supports to reinforce the FATF network to address more effectively the worldwide threats which affect the safety and security of our citizens.
Source: Official Website of the 2016 Sendai Meeting of G7 Finance Ministers
|This Information System is provided by the University of Toronto Library and the G7 Research Group at the University of Toronto.|
Please send comments to:
This page was last updated May 23, 2016.
All contents copyright © 2018. University of Toronto unless otherwise stated. All rights reserved.