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PM returns home after attending G-20 summit

Press Trust of India
Nov 05, 2011 at 08:35am IST

New Delhi: Prime Minister Manmohan Singh returned home on Saturday 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.

Singh concluded his visit to the French coastal resort on Friday, 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 Eurozone like Greece.

The Prime Minister told the G-20 leaders that Eurozone 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.

PM returns home after attending G-20 summit

The Prime Minister told the G-20 leaders that Eurozone crisis is a grave threat to the global economy. (CNN-IBN)

The Communique issued at the end of the two-day meeting attended among others by US 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".

Singh hailed the Communique, saying it endorses India's call for increase banking transparency and exchange of information to combat tax fraud and evasion and other illicit flows.

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