PracticePeople In PracticeIMF and World Bank promise to stamp out money-laundering

IMF and World Bank promise to stamp out money-laundering

G7 governments agreed this weekend to a comprehensive review of financing procedures used by the International Monetary Fund and to examine the roles of the World Bank and regional development banks.

It will be designed to strengthen safeguards on the use of their funds.

A statement on behalf of the group said: ‘We expect the international institutions to strengthen governance and anti-money laundering measures in programs with member countries.’

‘We must ensure that its credibility and integrity are not undermined by crime, poor regulatory standards, and harmful tax competition,’ it added.

The G7 finance officials also called for a task force to identify jurisdictionsthat did not cooperate to prevent money laundering, and said the G7 wasconcerned about offshore financial centers and tax havens which underminedinternational standards of financial regulation, and which were shelters toavoid or evade tax.

No agreement has yet been reached on a list of candidates to succeed IMF Managing Director Michel Camdessus.

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