G20 warns over ‘loopholes’ in fight against terror finance

SHANGHAI: More needs to be done to combat “loopholes and deficiencies” in the world financial system as part of the fight against terrorism, finance ministers from the G20 group of leading economies said Saturday.

In a communique following a meeting in Shanghai, the G20 officials urged the Paris-based Financial Action Task Force (FATF) to “intensify its work on identifying, analysing and tackling terrorist financing threats, the sources and methods of funding and the use of funds”.

The ministers were “resolved to combat decisively terrorist financing” and would intensify efforts to tackle “all sources, techniques and channels of terrorist financing”, they said, pledging to enhance cooperation and information exchange.

The promises — which did not include precise details — came after the head of the FATF said some government responses were still inadequate in the fight against money laundering, terrorism financing and other threats.