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We, the G-7 Finance Ministers, have developed an integrated, comprehensive Action Plan to block the assets of terrorists and their associates. We pledge to work together to deliver real results in combating the scourge of the financing of terrorism.
More vigorous implementation of international sanctions is critical to cut off the financing of terrorism. We are implementing UNSCR 1333 and UNSCR 1373, which call on all States to freeze the funds and financial assets not only of the terrorist Usama bin Laden and his associates, but terrorists all over the world. Each of us will ratify the UN Convention on the Suppression of Terrorist Financing as soon as possible. We will work within our Governments to consider additional measures and share lists of terrorists as necessary to ensure that the entire network of terrorist financing is addressed.
The Financial Action Task Force (FATF) should play a vital role in fighting the financing of terrorism. At its extraordinary plenary meeting in Washington D.C., FATF should focus on specific measures to combat terrorist financing, including:
-- Issuing special FATF recommendations and revising the FATF 40 Recommendations to take into account the need to fight terrorist financing, including through increased transparency; -- Issuing special guidance for financial institutions on practices associated with the financing of terrorism that warrant further action on the part of affected institutions; -- Developing a process to identify jurisdictions that facilitate terrorist financing, and making recommendations for actions to achieve cooperation from such countries.
Enhanced sharing of information among financial intelligence units (FIUs) is also critical to cut off the flow of resources to terrorist organizations and their associates. We call on all countries to establish functional FIUs as soon as possible. The G-7 countries will all join the Egmont Group, which promotes cooperation between national FIUs, and turn around information sharing requests as expeditiously as possible. We also call on the Egmont Group to enhance cooperation among its members, to improve its information exchange with the FIUs in other countries, and to exchange information regarding terrorist financing. We encourage all countries to establish a terrorist asset-tracking center or similar mechanism and to share that information on a cross-border basis.
Financial supervisors and regulators around the world will need to redouble their efforts to strengthen their financial sectors to ensure that they are not abused by terrorists. We welcome the guidance by the Basel Committee on Banking Supervision on customer identification to stop the abuse of the financial system by terrorists and urge that it be incorporated into banks' internal safeguards. We urge the International Monetary Fund to accelerate its efforts, in close relation with the Financial Stability Forum, to assess the adequacy of supervision in offshore financial centers and provide the necessary technical assistance to strengthen their integrity.
We ask all governments to join us in denying terrorists access to the resources that are needed to carry out evil acts.
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