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Commitments Made by G7 Finance Ministers and Central Bank Governors, 2012–2018

Brittaney Warren, June 7, 2018

2012 October 11, Tokyo, Japan, N=0

No document released

2013 May 10-11, Aylsbury, UK, N=0

No document released

2014 April 11, Washington, DC, N=0

Meeting cancelled, no document

2015 May 27-29, Dresden, Germany, N=0

No document released

2016 May 20-21, Sendai, Japan, N=15

G7 Action Plan on Combatting the Financing of Terrorism, N=15

2016-1: 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.

2016-2: 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.

Enhance G7 information exchange and cooperation for Countering the Financing of Terrorism

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

2016-3: Conduct a specific mapping exercise amongst G7 of existing mechanism for bilateral and multilateral information exchange amongst G7 Financial Intelligence Units (FIUs), with other FIUs, and within relevant domestic authorities, to identify whether barriers exist and how they could be overcome in practice;

2016-4: discuss the interim results of this mapping exercise and contribute to the ongoing work in FATF and Egmont – especially the follow up to be given to the FATF-Egmont ISIL Project Findings: Multilateral Information Sharing Challenges;

2016-5: Explore new and innovative forms of information exchange and international cooperation on CFT, through developing FIUs' multilateral exchange of information in connection to potential terrorists and terrorist related activities, in order to identify and disclose anomalous financial activities and networks based on significant patterns and red flag indicators thus enhance FIU's preventive analyses; and

2016-6: Assess cooperation between G7 FIUs (and/or other competent authorities in light of different national systems) and relevant private sector entities, focussing on timely access to information, adequate support and feedback to financial institutions, and effective mechanisms of dialogue to share contextual information and useful guidance, in order to improve the quality of terrorist financing detection.

G7 Assessment Potential Standards Enhancements

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:

2016-7: Commit to reducing the threshold for declaration of cross-border cash transactions from EUR/USD/CAD 15,000 and JPY 2,000,000 to EUR/USD/CAD 10,000 and JPY 1,000,000;

2016-8: Confirm that all G7 countries are applying or working towards applying the FATF standards to new payment methods such as virtual currency and prepaid cards, and work with FATF to promote implementation of these standards with regard to new payment methods among FATF members; 

2016-9: Further review other thresholds in the preventive measures, including those for account, account-like products and cross-border wire transfer, and assess whether new thresholds are appropriate, taking into account risk, burden and benefit, and specific misuse associated with identified financial products or transactions; and

2016-10: Consider the extent to which art dealers in cultural artifacts are vulnerable to terrorist financing.

G7 Collaboration in the Implementation of Targeted Financial Sanctions

2016-11: 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:

2016-12: Work within our national regimes to strengthen our capacity to put forward robust proposals, where possible jointly as the G7, for designations to the Security Council sanctions committees and to consider the proposals made by others as rapidly as possible; 

2016-13: Explore within our national (and, for relevant countries, EU) regimes whether further autonomous listings can supplement those agreed by the UN Security Council; and

2016-14: Respond to requests from other G7 members to freeze the assets of individuals, when these requests comply with the requirements set out in our national legal frameworks, and strengthen our capacity to make and to respond to such requests from other G7 members.

Reinforcing the FATF to Meet Current Challenges

2016-15: the G7 supports to reinforce the FATF network to address more effectively the worldwide threats which affect the safety and security of our citizens.

2017 May 11-13, Bari, Italy, N=40

Communiqué, N=30

Issue area Number Percentage
Macroeconomics 9 30%
Terrorism 9 30%
Inclusiveness 4 13%
Tax 3 10%
Sanctions 3 10%
Cyber security 1 3%
International cooperation 1 3%
Total 30 100%

Table: Communiqué Only

2017-1: Against this backdrop, we reiterate our commitment to international economic and financial cooperation (international cooperation)

2017-2: we remain determined to use all policy tools — monetary, fiscal and structural — individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth. (macroeconomics)

2017-3: We remain committed to advancing structural reforms to boost, productivity and potential output (macroeconomics)

2017-4: and we support reforms that promote inclusiveness. (inclusiveness)

2017-5: We are determined to enhance the implementation of structural reforms, and we will ensure these are appropriately coordinated with macroeconomic policies. (macroeconomics)

2017-6: We reaffirm our existing G7 exchange rate commitments to market determined exchange rates and (macroeconomics)

2017-7: [We reaffirm our existing G7 exchange rate commitments] to consult closely in regard to actions in foreign exchange markets (macroeconomics)

2017-8: We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments (macroeconomics)

2017-9: and we will not target exchange rates for competitive purposes. (macroeconomics)

2017-10: We will carefully calibrate and clearly communicate our macroeconomic and structural policy actions to support domestic growth, reduce policy uncertainty, minimize negative spillovers and promote transparency. ;(macroeconomics)

2017-11: We will strive to reduce excessive global imbalances and in a way that supports global growth. (macroeconomics)

2017-12: We will work to enable our economies and communities to adjust to the pace of change today, so that the global economy works for everyone. (inclusiveness)

2017-13: We are committed to ensuring that growth is inclusive, job-rich and benefits all segments of our societies. (inclusiveness)

2017-14: We will work to lift actual and potential growth, while ensuring that the fruits of economic growth are shared more widely. (inclusiveness)

2017-14: We will consider to take into account the Bari Policy Agenda in our G20 growth strategies. (inclusiveness)

2017-15: We are strongly committed to further reinforce tools and instruments at our disposal to effectively counter terrorist financing. (terrorism)

2017-16: To this end, we are committed to enhance information sharing, domestically and internationally, among relevant authorities and strengthen cooperation with the private sector. (terrorism)

2017-17: We strongly support the work of the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units in improving the implementation of international standards and sharing best practices on these issues. (terrorism)

2017-18: We promote and support a robust implementation of sanctions adopted by the Security Council as a strategic tool for peace and global security. (sanctions)

2017-19: We will employ financial sanctions against terrorists and their supporters in a targeted and effective manner, and we will strengthen G7 co-operation on these sanctions. (sanctions)

2017-20: In particular, we commit, where possible, to co-sponsoring proposed UN listings, considering domestically designating G7 agreed listings, and strengthening our capacity to make, and respond to, requests from G7 members to freeze terrorist assets. (terrorism)

2017-21: [In particular, we commit, where possible, to] considering domestically designating G7 agreed listings (terrorism)

2017-22: [In particular, we commit, where possible, to] strengthening our capacity to make, and respond to, requests from G7 members to freeze terrorist assets (terrorism)

2017-23: To safeguard the legitimate behaviour of relevant stakeholders, and protect the international financial system from abuse, including by terrorists and terrorist groups, we should continue to improve the effective supervision and monitoring of the MVTS sector including their agents, on a risk-based approach. (terrorism)

2017-24: We agree that criminal and administrative sanctions should be applied for violations of law and effectively implemented. (sanctions)

2017-25: To that end, in consultation with the IMF, the WB and UNODC, we will work together to coordinate and improve the delivery of technical assistance, and ask our AML/CFT financial experts to report back at our next meeting. (terrorism)

2017-26: We welcome and support the ongoing work to strengthen the institutional basis, governance and capacity of the FATF. (terrorism)

2017-27: Furthermore, we encourage international coordination and knowledge sharing. (cyber security)

2017-28: We remain committed to work for globally fair and modern tax systems and to achieve a global level playing field for all engaged in economic activities. (tax)

2017-29: To this purpose, we remain committed to the principles of the Addis Tax Initiative and we support the work of the Platform for Collaboration on Tax, acknowledging its key role in deepening collaboration between the international organisations and enhancing effective external support in building tax capacity. (tax)

2017-30: We will continue to support targeted assistance to developing countries in building their tax capacity. (tax)

Bari Policy Agenda on Growth and Inequalities, N=5

2017-31: [Good quality public investment, notably in infrastructure and education, has the potential to boost growth and productivity, while also positively affecting job creation and demand in the short run.] To this end, we remain committed to promote quality infrastructure investment, in line with the G7 Ise-Shima Principles for Promoting Quality Infrastructure Investment.

Promoting Inclusive Growth through Fiscal Policy

2017-32: We remain committed to tackle tax evasion and avoidance by leveraging international tax cooperation.

2017-33: Since our tax systems are challenged by increased levels of capital mobility and the enhanced use of aggressive tax planning, we remain committed in the implementation of the G20/OECD tax agenda, notably the Base Erosion and Profit Shifting (BEPS) package and Automatic Exchange of Financial Account Information for Tax Purposes (AEOI).

Pro-Inclusive Growth Structural Reforms

2017-34: We [welcome the assessment Methodology of G20/OECD Principles of Corporate Governance] and support continued work on corporate governance, which can foster long-term investment and facilitate access to capital markets

2017-35: Recognizing that the gender gap, notably in the labor market, remains a challenge in many countries, with detrimental effects on economic growth, we commit to promote gender equality and increase the integration of women in economic activities.

G7 Bari Declaration on Fighting Tax Crimes and Other Illicit Financial Flows, N=5

We, G7 Finance Ministers, declare that:

2017-36: We will continue to work to ensure access to beneficial ownership information for tax authorities, financial intelligence units and law enforcement agencies

2017-37: We will ensure that tax and financial crimes, which involve illicit financial flows, including foreign bribery, are effectively investigated, prosecuted and sanctioned;

2017-38: We support the efforts to combat corruption in all its forms, in particular by improving the capacity of the existing networks and exploring innovative methods;

2017-39: We reiterate our commitment to fully and effectively implement the FATF standards, including on designated non-financial businesses and professions

2017-40: We will support the strengthening of capacity of developing countries in the fight against tax crimes and other illicit financial flows.

2018 May 31-June 2, Whistler, Canada, N=6

Joint Chair's Summary, Finance and Development Ministers, June 1, N=3

Innovative Financing for Development

Mobilizing Private Capital for Sustainable Development

2018-1: Ministers agreed to broaden awareness of the OECD Blended Finance Principles (2017) in an effort to help advance the use of innovative financing to increase the flow of capital into emerging and frontier markets.

Women's Economic Empowerment

2018-2: They agreed to work closely with G20 and other partners to continue to promote the importance of women's financial inclusion

2018-3: [They agreed to work closely with G20 and other partners to continue to] reinforce efforts to improve the quality of disaggregated data provided by financial institutions.

Chair's Summary: G7 Finance Ministers and Central Bank Governors, June 2, N=3

A Resilient Global System that Works for All

2018-4: [Recognizing the important role that international institutions play in fostering the resilience and fairness of the global economic system,] Ministers and Governors reiterated their commitment to stand together as partners to enhance the effectiveness and governance of global economic and financial institutions, including the Financial Action Task Force

Fostering Tax Fairness

2018-5: They also renewed their commitment to supporting coordinated global efforts, such as the exchange of information for tax purposes and the OECD/G20 BEPS (Base Erosion and Profit Shifting) Project

2018-6: [They also renewed their commitment to] building capacity to fight against tax evasion and avoidance.

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