G20 nations vow terror funding crackdown

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HAMBURG: The G20 group of major economies agreed Friday (Saturday in Manila) to redouble efforts to tackle the financing of extremist groups, in a rare point of agreement during a fractious summit in Germany.

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The countries issued a joint statement condemning the “scourge” of terrorism funding, and praised the work already undertaken to shut off sources of finance for illicit groups.

“We underline our resolve to make the international financial system entirely hostile to terrorist financing and commit to deepening international cooperation and exchange of information,” the statement said.

The G20 nations urged countries to support the work of the Financial Action Task Force (FATF), a 37-member international organization that tackles terrorist financing.

“We call on all member states to ensure that the FATF has the necessary resources and support to effectively fulfill its mandate,” they said.

“There should be no ‘safe spaces’ for terrorist financing anywhere in the world.”

A growing rift between the United States and other nations over trade and climate change has turned this year’s G20 summit—a normally ripple-free event in the diplomatic calendar—into one of the stormiest in the forum’s history.

Compromise on trade, at odds on climate

G20 leaders including US President Donald Trump have reached a compromise on the wording of a final summit statement on trade but remain at odds on climate change, according to an EU source said.

On trade they will commit to fighting protectionism but will also allow “legitimate” measures to protect their markets, the source said on the final day of the talks in Germany.

The outcome represents a compromise with Trump who wants to do more to protect domestic companies from foreign competition through his “America First” policy.

However on climate change negotiators remain at loggerheads following Trump’s decision to withdraw the US from the 2015 Paris climate accord, the source said.

The sticking point in the communiqué is about fossil fuels—blamed for global warming— with the US side wanting to be able to continue to export and promote their use.

“The idea now is to find a good balance of language—it will be discussed this morning,” the source said on condition of anonymity.

AFP

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