On 22 November 2020, the G20 leaders issued a declaration following their summit in Riyadh on 21 – 22 November 2020.

Paragraphs 16 to 18 of the declaration cover financial sector issues. Key points include:

  • The pandemic has reaffirmed the need to enhance global cross-border payment arrangements to facilitate cheaper, faster, more inclusive and more transparent payment transactions, including for remittances. The leaders endorse the G20 Roadmap to Enhance Cross-Border Payments.
  • The G20 leaders reaffirm the importance of orderly transition away from LIBOR to alternative reference rates before end-2021.
  • No so-called ‘global stablecoins’ should commence operation until all relevant legal, regulatory and oversight requirements are adequately addressed through appropriate design and by adhering to applicable standards
  • The G20 leaders support the anti-money laundering / counter-terrorist financing policy responses detailed in the Financial Action Task Force’s (FATF) paper on COVID-19, and reaffirm their support for the FATF, as the global standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing.