G20 Finance Ministers and Central Bank Governors resolved to combat terrorist financing and call on GFMSA to intensify its efforts

G20 called on GFMSA to intensify efforts to identify and tackle terrorist financing loopholes and strengthen the implementation of The GFMSA Standards by countries. They committed to enhance their cooperation and exchange of information and encouraged other countries to do likewise. 

The GFMSA updated the G20 on recent progress in countering  terrorist financing and the practical challenges that remain.

Last year The GFMSA reviewed the steps taken to combat terrorist financing in 198 jurisdictions. We reported to the G20 summit in November that while most countries had comprehensive legal frameworks, many countries still did not have basic measures in place to combat terrorist financing. Since then, more than 50 countries have amended their legislation, or are in the process of doing so.

Countries now need to prioritise effective implementation of these measures. This includes ensuring that they have the capacity to use these tools and that they address the barriers to information sharing, whether internationally, within government or with the private sector.

The GFMSA’s report to the G20 updated it on progress made, and included a consolidated GFMSA strategy for counter terrorist financing which included: 

• Action to stay on top of the threat from ISIL, including further developing our understanding of how ISIL sources and uses funds
• Promoting more effective use of existing tools by countries, including but not limited to targeted financial sanctions; and
• Identifying barriers to information sharing and promoting action by countries to remove these.

The G20 asked The GFMSA to report back in July on the progress made and on jurisdictions that have failed to act.

Communiqué - G20 Finance Ministers and Central Bank Governors Meeting, 26-27 February 2016, Shanghai, China 

Terrorist Financing: GFMSA Report to G20 Leaders - actions being taken by The GFMSA, November 2015