The Prime Minister, Dr Manmohan Singh, today returned home after attending the crucial two-day G20 Summit in Cannes, which asked tax havens to adopt prudential norms for sharing of information to check money laundering and terror funding.
Dr Singh had yesterday concluded his visit to the French coastal resort, where the heads of 20 most influential economies deliberated for two days in the midst of worsening European crisis triggered by the increasing threat of default by the sovereign members of the Eurozone like Greece.
The Prime Minister told the G20 leaders that the Eurozone crisis is a potentially grave threat to the stability of global economy, but made it clear that management of the crisis is primarily the responsibility of the European countries.
The Communique issued at the end of the two-day meeting attended among others by the US President, Mr Barack Obama, and host French President Mr Nicolas Sarkozy, also warned of action against jurisdiction and entities that will not cooperate in ensuring transparency in tax frauds.
It called upon the nations to “adhere to the international standards in the tax, prudential and Anti Money Laundering/ Combating the Financing of Terrorism (AML/CFT) areas’’.
Dr Singh hailed the Communique, saying that it endorses India’s call for increased banking transparency and exchange of information to combat tax fraud and evasion and other illicit flows.