PM returns home after attending G-20 summit

Prime Minister Manmohan Singh on Saturday returned home after attending the crucial two-day G-20 summit in Cannes.

Last Updated: Nov 05, 2011, 09:48 AM IST

New Delhi: 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.

Singh yesterday 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 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.

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 increased banking transparency and exchange of
information to combat tax fraud and evasion and other illicit
flows.

PTI