On 20 March 2018, the G20 published its communique following the recent meeting of Finance Ministers and Central Bank Governors in Buenos Aires. Key points in the communique from a financial services perspective include the G20:
- will continue to deepen its understanding of capital flow management measures and the conditions under which they might be effective, taking into account country-specific circumstances;
- welcomes the finalisation of Basel III, which completes the main elements of the post financial crisis reforms. The G20 remains committed to the full, timely and consistent implementation and finalisation of the post crisis reforms. The G20 looks forward to the Financial Stability Board led evaluation of the post crisis reforms, including their effects on the financing of infrastructure investment and on incentives for central clearing of over-the-counter derivatives. The G20 will continue to address the decline in correspondent banking relationships; and
- acknowledges that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly. Crypto-asset do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. The G20 is committed to implementing the Financial Action Task Force’s standards as they apply to crypto-assets.