The G20 has published the leaders’ communiqué following the summit held in Hangzhou, China, on 4 and 5 September 2016. In relation to the financial services aspects paragraph 18 of the communiqué states that the G20:
- reiterates its support for the work by the Basel Committee on Banking Supervision to finalise the Basel III framework by the end of 2016, without further significantly increasing overall capital requirements across the banking sector, while promoting a level playing field;
- remains committed to full and timely implementation of the agreed over-the-counter (OTC) derivatives reform agenda, and it will remove legal and regulatory barriers to the reporting of OTC derivatives to trade repositories and to authorities’ appropriate access to data;
- welcomes the Financial Stability Board’s (FSB) consultation on proposed policy recommendations to address structural vulnerabilities from asset management activities;
- will continue to address, through the FSB-coordinated action plan, the decline in correspondent banking services so as to support remittances, financial inclusion, trade and openness; and
- calls on its members, the International Monetary Fund and the World Bank Group to intensify their support for domestic capacity building to help countries improve their compliance with global anti-money laundering and countering the financing of terrorism and prudential standards.
In paragraph 20 of the communiqué the G20 calls on the Financial Action Task Force and the Global Forum to make initial proposals by the Finance Ministers and Central Bank Governors meeting in October on ways to improve the implementation of the international standards on transparency, including on the availability of beneficial ownership information of legal persons and legal arrangements, and its international exchange.
View G20 leaders’ communiqué: Hangzhou summit, 5 September 2016