Narendra Modi: India has zero tolerance on corruption, black money

“Today, we meet in the tragic shadow of awful acts of terrorism.

Leaders expected at the G20 Summit include US President Barack Obama, Russian President Vladimir Putin, British Prime Minister David Cameron, German Chancellor Angela Merkel and Chinese President Xi Jinping.

He also vowed to “redouble” efforts to “eliminate” the ISIS jihadist network, as the gruesome Paris attacks and the war in Syria overshadowed the Summit.

They stressed on remaining committed to tackling financing channels of terrorism by enhanced cooperation on the exchange of information and by freezing the assets of militants. There should be no distinction between terrorist groups or discrimination between states. On the issue of terror finance, Mr Modi said the world should also deepen cooperation against terrorism financing, including through targeted financial sanctions and more effective counter-terrorism financing tools. Modi said the global framework for security is defined for another era and for other security challenges.

In this regard, he called for sharing of country-specific reports of the Financial Action Task Force (FATF) – an inter-governmental body established in 1989 to set the standards and promote effective implementation of legal, regulatory and operational measures. The PM said there was a need for a long term approach to the issue and a stronger role for the United Nations in dealing with one of the greatest human challenges across the world.

UN Secretary General Ban Ki-moon said he will soon submit to the UN General Assembly a comprehensive plan to deal with violent extremism and terrorism.

Antalya (Turkey), Nov 16: Making it clear that India has no tolerance towards black money, Prime Minister Narendra Modi on Monday called for an end to “excessive banking secrecy” in a few countries so that ill-gotten money stashed away overseas can return to their country of origin. “This is also required for addressing the current refugee crisis”.

The G20 countries account for 85 per cent of the world economy, 75 per cent of the global trade and two-third of the worlds population.

He also called on the USA to ratify the 2010 worldwide Monetary Fund (IMF) quota reforms.