Search Result for : Central Bank Governors

The Dollar Business Bureau The G20 countries have reiterated the need to prioritise financial transparency and effective implementation of standards of transparency by all its member countries. This needs to be done to protect the integrity of the international financial system, and to prevent corruption, tax evasion, terrorist financing and money laundering. This was discussed in the G20 Finance Ministers and Central Bank Governors Meeting in Washington DC on Friday. All countries and jurisdictions should fully implement the Financial Action Task Force (FATF) standards on transparency and beneficial ownership information for tackling tax evasion, terrorist financing and money laundering, the G20 Finance Ministers announced in an official communique released by the International Monetary Fund (IMF). The IMF in its statement detailed that, “We ...

The Dollar Business Bureau A G20 release said that the emerging economies have expressed disappointment over the delay in the implementation in IMF quota reforms proposed by them. BRICS (Brazil, Russia, India, China and South Africa) representing Emerging counties, like India, China, Brazil, Russia and South Africa has been asking for increased voting rights in IMF, which would reflect their growing share in the world economy. The body has also asked the United States to ratify the 2010 reforms as soon as possible. Quota reform, if implemented, will increase India's voting share from current 2.44 per cent to 2.75 per cent, following which the country will become the eighth largest quota holder at the IMF, up from 11th position. The communication ...