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Volume 450: debated on Monday 16 October 2006

To ask the Chancellor of the Exchequer what discussions were held at the most recent Group of Seven Finance Ministers meeting on measures to limit Iran’s access to international financial systems. (93705)

At their September meeting, G7 Ministers discussed a number of global economic issues. Among these, they discussed abuse of the international financial system and agreed to intensify their efforts to combat monetary laundering, proliferation networks as well as terrorist and illicit financing by addressing global financial vulnerabilities particularly those associated with jurisdictions that have failed to recognize international standards. They urged the FATF to focus on identifying and adopting appropriate measures within its mandate and asked the IMF and the World Bank to work closely with the FATF to foster implementation of the relevant international standards. They also encouraged all countries to publish their full evaluations.