Prime Minister Manmohan Singh on Saturday returned home after attending the crucial two-day G-20 summit in Cannes, which asked tax havens to adopt prudential norms for sharing of information to check money laundering and terror funding.
Dr. Singh on Friday concluded his visit to the French coastal resort, where 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 sovereign members of the Euro zone like Greece.
The Prime Minister told the G-20 leaders that Euro zone crisis is a potentially grave threat to stability of global economy, but made it clear that management of the crisis is primarily responsibility of the European countries.
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The Communiqué issued at the end of the two-day meeting attended among others by U.S. President Barack Obama and host French President 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 Communiqué, saying it endorses India’s call for increased banking transparency and exchange of information to combat tax fraud and evasion and other illicit flows.
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