G20 moves to tighten measures against terrorism

The G20 countries on Monday -- at their meeting held here in the backdrop of terror attacks in Paris -- sought tightening of measures to cut off terrorism-related financial flows.

"We call on the Financial Action Task Force (FATF) to report back to our finance ministers and central bank Governors by their first meeting in 2016 on the steps countries are taking to address the weaknesses identified to cut off terrorism-related financial flows," said the Communique issued at the conclusion of the G20 summit here.

Prime Minister Narendra Modi had said in his intervention on 'Global Challenges - Terrorism and Refugee Crisis' during the working dinner at G20 that terrorism is a principle global challenge and called for isolating those who support and sponsor terrorism.

He had said there was need to strengthen efforts to prevent supply of arms to terrorists, disrupt terrorist movements, and curb and criminalise terror financing.

The Financial Action Task Force (FATF) is an inter-governmental body to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The G20 Communique also said that a stable and resilient international financial architecture is a key element to foster strong, sustainable and balanced growth as well as financial stability.

"We ask our finance ministers and central bank governors to work and report back to us by our next meeting on this issue," it said.