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Group of 20 to Say Terrorism a Risk to World Financial Stability

Monday, 09 Feb 2015 07:29 AM

The Group of 20 will call for nations to unite in combating terrorist attacks aimed at destabilizing the global financial system, according to a draft statement.

The G-20 will tell the Financial Stability Board, the regulator led by Bank of England Governor Mark Carney, to “monitor and address new and evolving financial risks, many of which may arise outside the banking system,” according to the Feb. 9 draft, a copy of which was obtained by Bloomberg News. Finance ministers and central bankers from the G-20 member states are meeting in Istanbul on Feb. 9-10.

“Considering the impact terrorist attacks can have on our societies and economies, we commit to deepen our cooperation and urge all countries to speed up their compliance with the relevant international standards,” the draft states.

State-sponsored hackers are using cyber-crime to destabilize the financial system, Andrew Gracie, a Bank of England official, said last month. North Korea was accused of an attack on Sony Corp.’s computer systems in December, after the U.S. Federal Bureau of Investigation said the tools employed seem similar to those used in a March 2013 attack on South Korean banks and media organizations.

The G-20 will also seek to reduce the incentives for companies to borrow and boost those for equity financing. This could “enhance the resilience of corporates and hence of the financial system,” according to the draft.

The FSB will report to the G-20 in April on risks arising from “market misconduct and cyber security vulnerabilities,” according to the document, as well as develop a work plan to deal with risks arising from systemically important central counterparties.


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The Group of 20 will call for nations to unite in combating terrorist attacks aimed at destabilizing the global financial system, according to a draft statement. The G-20 will tell the Financial Stability Board, the regulator led by Bank of England Governor Mark Carney, to...
terror, g20, europe, terrorism
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2015-29-09
Monday, 09 Feb 2015 07:29 AM
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