Shearman & Sterling LLP | FinReg | G20 Finance Ministers and Central Bank Governors Meet in Japan
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  • G20 Finance Ministers and Central Bank Governors Meet in Japan
    The G20 Finance Ministers and Central Bank Governors have published a Communiqué from the most recent G20 Summit held in Japan. Key areas of discussion in respect of financial services included:
    • The development of, and financial stability risks arising from, non-bank financing;
    • Reports from the Financial Stability Board and International Organization of Securities Commissions on market fragmentation, which the G20 intends to address, including through regulatory and supervisory cooperation;
    • The withdrawal of correspondent banking relationships, which the G20 is monitoring and aims to address;
    • Sustainable finance and financial inclusions, which the G20 notes are important for global growth;
    • Financial technology, including crypto-assets; the G20 notes that such assets do not pose a threat to global financial stability at this stage, but it is committed to monitoring risks and welcomes the work of the FSB and IOSCO in this arena; and
    • The Financial Action Task Force's Standards on money laundering, terrorist financing and proliferation financing; the G20 is calling for the swift implementation of the Standards and supports the action of the FATF in strengthening the global response to proliferation financing.

    View the G20 Communiqué.

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