G7 Pledges Clampdown On Terrorist Financing

The Group of Seven (G7) has pledged to clamp down on the finances of terrorist networks by increasing intelligence-sharing, freezing assets, and toughening rules on international money transfers.

"Countering violent extremism and bringing perpetrators to justice remain top priorities for the whole international community," said the finance ministers of seven of the world's major developed economies in a statement issued on May 21 in the Japanese resort town of Akiu.

The ministers also agreed to an action plan to help block the financial pipelines that help Islamic extremists to plan, travel, and carry out terrorist attacks. The plan is due to be approved by G7 leaders when they meet in Japan next week.

French Finance Minister Michel Sapin said the G7 was now in the "operational phase" of its efforts in combatting the financing of terrorist groups.

Sapin said the exchange of intelligence between various countries was important in preventing large movements of cash by extremist groups like the Islamic State within Syria and Iraq.

The new measures come after Group of 20 finance ministers said in February that more work was needed to combat "loopholes and deficiencies" in the global financial system in order to fight terror.

The G7 consists of Britain, Canada, France, Germany, Italy, Japan, and the United States. Russia was expelled from the G8 after its forcible annexation of Ukraine's Crimean Peninsula.

Based on reporting by AFP and AP