Indian Express, Press Trust of India : Washington, To combat money laundering and financing of terrorism, the G-20 Finance Ministers has called upon all nations to sign the global convention for comprehensive exchange of information. “We call upon all countries to join the Global Forum on transparency and to sign on the Multilateral Convention on Mutual Assistance... to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction,” said the communique issued after G-20 meeting of finance ministers and central bank governors. The Multilateral Convention on Mutual Administrative Assistance facilitates sharing of tax information among the member states. India for long has been pressing for automatic exchange of information among the countries to deal with the menace of money laundering and terror financing. “India believes that Automatic Exchange of Information is one of the most effective ways to improve voluntary tax compliance and decrease tax evasion and there is a need to make it obligatory,” Finance Minister Pranab Mukherjee had earlier said at the ministerial meeting. The G-20 also supported the renewal of the mandate of the Financial Action Task Force (FATF), which is an inter-governmental body formed to frame policies to combat money laundering and terror financing. Source: Indian Express, ***
Sunday, 22 April 2012
G-20 calls for all nations to share tax information, fight money laundering
Indian Express, Press Trust of India : Washington, To combat money laundering and financing of terrorism, the G-20 Finance Ministers has called upon all nations to sign the global convention for comprehensive exchange of information. “We call upon all countries to join the Global Forum on transparency and to sign on the Multilateral Convention on Mutual Assistance... to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction,” said the communique issued after G-20 meeting of finance ministers and central bank governors. The Multilateral Convention on Mutual Administrative Assistance facilitates sharing of tax information among the member states. India for long has been pressing for automatic exchange of information among the countries to deal with the menace of money laundering and terror financing. “India believes that Automatic Exchange of Information is one of the most effective ways to improve voluntary tax compliance and decrease tax evasion and there is a need to make it obligatory,” Finance Minister Pranab Mukherjee had earlier said at the ministerial meeting. The G-20 also supported the renewal of the mandate of the Financial Action Task Force (FATF), which is an inter-governmental body formed to frame policies to combat money laundering and terror financing. Source: Indian Express, ***
