Ministers adopt action plan on terrorist financing

• Pages: 375-377

Page 375

Following is the communiqué issued by the Group of 20 finance ministers and central bank governors after their meeting in Ottawa on November 16.

We, the finance ministers and central bank governors of the Group of 20, held our third meeting today in Ottawa against the backdrop of a global economic slowdown whose effects have been exacerbated by the tragic events of September 11. The barbarous attacks on the United States were attacks on all of us, intended to shake global economic confidence and security.We will ensure that these efforts fail.

We are committed to combating terrorism by cutting off its financial sources. There should be no safe havens for the financing of terrorism. To this end, we have agreed on an action plan to deny terrorists and their associates access to our financial systems.We call on other countries to take similar steps.

We are confident that the attacks of September 11 will not undermine our economic prospects.We have taken policy actions to maintain liquidity and stabilize markets.We stand ready to take additional actions as necessary. These measures will provide the foundation for an early resumption of growth without undermining our future economic prospects.We agreed that heightened security measures should be implemented in a manner that facilitates the cross-border flow of legitimate trade in goods and services.We reaffirm our commitment to free trade and open international markets as a key source of global prosperity. In this context, we welcome the Doha Development Agenda agreed to at the World Trade Organization (WTO) ministerial conference launch of a new WTO trade round and commit to work together to achieve multilateral trade liberalization that accelerates progress against poverty and promotes growth.

The reduction of capital flows to emerging markets underscores the need for sound policies to provide and maintain a positive investment environment in member countries.We remain committed to this endeavor. Adopting the best practices embodied in international standards and codes also will help support strong, stable growth and reduce the risk of future financial crises. A majority of the members of the Group of 20 have already participated, on a voluntary basis, in assessments under one or both of the IMF-World Bank-led Financial Sector Assessment Program and Reports on the Observance of Standards and Codes, consistent with our undertaking at our inaugural meeting in Berlin in December...