One of the main issues on the agenda to be addressed in Rome at the G20 on 30 and 31 November 2021 will be to discuss the terrorist threat and terrorist financing about international security and common security developments with the recent events in Afghanistan.
The host countries at the G20 in Rome are Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, France, Germany, Japan, India, Indonesia, Italy, Mexico, the United Kingdom, Russia, the United States, South Africa, Turkey, and the European Union. These are joined by Spain, which is a permanent G20 invitee. Each year, the Presidency invites several other countries to participate fully in the work of the G20 as guests, including the FATF, which participated in past editions in Venice. A number of international and regional organizations also take part, providing representation and contributions of great cultural value.
A busy agenda for the various Heads of State, the subject of this session will be the 3 P’s: People, Planet and Prosperity.
Among the various speeches, in particular, are expected: the words of Indian Prime Minister Narendra Modi for the 26th meeting of the Conference the said that the G20 is pursuing a comprehensive economic agenda, but India “will not fail to raise issues such as cross-border terrorism and terrorism-related activities.” The session is also expected to feature FATF representatives on environmental protection and circular economy issues with new technologies, as happened earlier in the G20’s previous session in Venice. In fact, in a recent publication, the Financial Action Task Force (FATF) has expressed its willingness to increase the pressure on member countries to adopt ad hoc regulations on the traceability of cryptocurrencies. In particular, this updated publication mentioned for the first time non-fungible tokens (NFT), decentralized finance (Defi), peer-to-peer (P2P) trading, and stablecoins.
The FATF, which provides AML/CFT advice and policy-making for the G7, the Organization for Economic Cooperation and Development, and other multinational organizations, has issued a set of 2019 guidelines, including the highly criticized Travel Rule cryptocurrency exchange reporting protocol. In a document released today, the FATF said it has updated and improved its guidelines to “incorporate and replace the 2019 guidance.”
“It is, therefore, appropriate to state that over time the G20 has emerged not only as an important global forum for international cooperation but also as an important platform for exchange, innovation, and deliberation on policy issues that have a direct and tangible impact on the quality of life of our citizens and this may be in the areas of global financial stability, sustainable finance, health, and food security.
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By Dimitri Barberini, November 2021, published on Sanction Scanner
