In a statement following their 5 September meeting in London, the G20 Finance Ministers and Central Bank Governors reaffirmed their commitment to strengthen the financial system, but stated that more needs to be done to maintain momentum, make the system more resilient and ensure a level playing field, including tackling non-cooperative jurisdictions (NCJs).
They identified the following actions: “delivering an effective programme of peer review, capacity building and countermeasures to tackle NCJs that fail to meet regulatory standards, AML/CFT and tax information exchange standards; standing ready to use countermeasures against tax havens from March 2010; ensuring developing countries benefit from the new tax transparency, possibly including through a multilateral instrument; and calling on the FSB to report on criteria and compliance against regulatory standards by November 2009.”
In a progress report on the actions of the London and Washington G20 Summits, they stated that “Unprecedented progress has been made since the November 2008 G20 Summit. All of the 87 jurisdictions covered by the Global Forum have now committed to the Global Forum’s standards of tax information exchange and transparency, with more than half having substantially implemented them; major financial centres both within and outside of the OECD area which had strict bank secrecy rules or other impediments to achieving an effective exchange of information are in the process of removing these impediments; and more than 70 Tax Information Exchange Agreements have been signed – a larger number than the total for the previous 10 years.”
More information about OECD and the Pittsburgh G20 Summit: