1. As leaders of the G8, we are committed to
open economies, open societies and open governments as the basis of
lasting growth and stability. We have today agreed concrete steps to
play our part in ensuring a safe and prosperous world.
2. We met at a time of continued economic uncertainty. Our urgent
priority is to promote growth and jobs, particularly for the young and
long-term unemployed. We will continue to nurture the global recovery by
supporting demand, securing our public finances and reforming our
economies to deliver growth.
3. Our economies together make up around half of the global economy, and
we have a responsibility to support prosperity worldwide.
We agreed actions in three specific areas:
A key engine of global economic
growth. We will break down barriers to trade at home and abroad
by resisting protectionism and concluding a set of ambitious
In particular, we welcome,
the launch of negotiations
for an EU-US trade agreement
the major progress towards
the Trans Pacific Partnership
the launch of the EU-Japan
trade agreement negotiations,
...and we look forward to the
completion of the EU-Canada trade agreement.
We aim to finalize all these deals
as soon as possible. We also welcome the trade and economic
integration of Russia with some of the countries in the region,
which will be pursued in line with World Trade Organization
We are committed to strengthening
the multilateral trading system and securing a WTO deal in
December that cuts bureaucracy to make it easier and faster for
goods to cross borders.
And we will keep our promises to
help developing countries slash barriers to trade that impede
Essential to fairness and prosperity
We commit to establish the automatic
exchange of information between tax authorities as the new
global standard, and will work with the Organization for
Economic Cooperation and Development (OECD) to develop rapidly a
multilateral model which will make it easier for governments to
find and punish tax evaders.
On tax avoidance, we support the
OECD’s work to tackle base erosion and profit shifting. We will
work to create a common template for multinationals to report to
tax authorities where they make their profits and pay their
taxes across the world.
We will support developing countries
to collect the taxes owed them, with access to the global tax
information they need.
We agree to publish national Action
Plans to make information on who really owns and profits from
companies and trusts available to tax collection and law
enforcement agencies, for example through central registries of
company beneficial ownership.
Empowering people to hold
governments and companies to account.
We have agreed a transformative Open
Data Charter to make budget data and other government
information public in an easily accessible way. We will make
progress towards common global reporting standards to make
extractive industry payments more transparent.
And we will work with resource-rich
countries to help them better manage their extractive revenues
so as to provide a route out of poverty and reliance on aid.
4. We will continue to work with the poorest
countries to 'help lift people out of poverty' by keeping our aid
promises and being accountable to the public for them.
We will accelerate efforts to tackle the
under-nutrition that blights millions of lives. We will work closely
with African governments and citizens to promote sustainable growth.
5. We share a commitment to work together to counter terrorism and
tackle the drivers of instability wherever in the world they are found
and particularly in northern Africa and the Middle East.
We have identified five priority areas for
action to respond to the growing threat posed by terrorists operating in
the arc of instability from Mauritania to Somalia.
Alongside the countries themselves, we will
work together, focusing our collective political and practical support,
to help governments find and dismantle terrorist networks and to build
effective and accountable government.
6. We are committed to protecting our nationals and reducing terrorist
groups’ access to funding which allows them to thrive.
We unequivocally reject the payment of
ransoms to terrorists and we call on countries and companies around the
world to follow our lead and stamp out this as well as other lucrative
sources of income for terrorists. We will help each other to resolve
hostage incidents by sharing best practice in advance and offering
expertise as necessary when they take place.
7. We strongly support the proposal for a conference to reach a
political solution to the appalling
conflict in Syria through full
implementation of the 2012 Geneva Communiqué.
We will contribute generously to the latest
United Nations (UN) appeal for humanitarian help. We condemn
in the strongest terms any use of chemical weapons and all human rights
violations in Syria.
We are committed to leading international
support for Libya’s security and democratic transition and to urgent
work for a lasting peace in the Middle East.
8. Promoting growth and jobs is our top priority. We agreed to nurture
the global 'recovery' by supporting demand, securing our public finances
and exploiting all sources of growth.
The fight against unemployment, particularly
long-term and youth unemployment, remains critical in our domestic and
Global economic prospects remain weak,
though downside risks have reduced thanks in part to significant policy
actions taken in the US, Euro area and Japan, and to the resilience of
major developing and emerging market economies.
Most financial markets have seen marked
gains as a result. However, this optimism is yet to be translated fully
into broader improvements in economic activity and employment in most
advanced economies. In fact, prospects for growth in some regions have
weakened since the Camp David summit.
While countries have taken steps to avoid
the worst of the tail risks that faced the world economy in 2012,
vulnerabilities remain in 2013, highlighting the need for countries to
press ahead with the necessary reforms to restore sustainable growth and
10. Downside risks in the Euro area have abated over the past year, but
it remains in recession.
Additional strengthening of the architecture
of the European Economic and Monetary Union, including through the
development of the agreed elements of a banking union, is strongly
needed to contribute to further reducing financial fragmentation, and
continued strengthening of banks’ balance sheets.
Fiscal sustainability and restoring
financial stability need to go hand in hand with well-designed growth
strategies, including growth-oriented structural reforms. The US
recovery is continuing and the deficit is declining rapidly in the
context of a continuing need for further progress towards balanced
medium-term fiscal sustainability and targeted investments to enhance
Japan’s growth will be supported by its
near-term fiscal stimulus, bold monetary policy and recently announced
strategy for promoting private investment.
However, it will need to address the
challenge of defining a credible medium-term fiscal plan. Some of our
central banks have continued to use highly accommodative monetary policy
to support their domestic economies, including through unconventional
means such as quantitative easing.
Russia is experiencing low unemployment and
a favorable fiscal position, but more moderate global growth and
volatile commodity prices will be a challenge.
11. In light of this background we are committed to taking further
action now to restore confidence, encourage investment and job creation,
support the recovery and reduce global imbalances.
We agreed today that:
Decisive action is needed to nurture
a sustainable recovery and restore the resilience of the global
economy. Advanced economies need to balance supporting domestic
demand with reforms to tackle structural weaknesses that weigh
on growth, while implementing credible fiscal plans. We reaffirm
our commitment to cooperate to achieve a lasting reduction in
global imbalances, which surplus and deficit countries must
Monetary policy should continue to
support the recovery and be directed towards domestic price
stability, according to the respective mandates of central
Restoring medium-term fiscal sustain
ability remains a priority. Fiscal policy should allow for
near-term flexibility to accommodate economic conditions
including through focusing on the structural deficit as
appropriate. The pace of fiscal consolidation should be
differentiated for our different national economic
Structural reforms are key to
improving sustainable growth and long-term living standards,
enhancing competitiveness, providing well-functioning credit
channels for investment including by small and medium sized
enterprises (SMEs) and strengthening confidence. Urgent and
specific measures are needed to create quality jobs,
particularly for the young and the long-term unemployed. We are
all committed to make the necessary reforms in our own economies
to support stronger financial systems, healthy labour markets,
jobs and growth, and bolster world trade.
12. Trade and investment are key engines of global economic growth, job
creation and sustainable development.
The nature of international trade is
changing radically, with goods now increasingly produced within complex
supply chains that use components from countries that span the globe.
Today, nearly 60% of trade in goods is in components. Trade in services
also makes a growing contribution to the global economy, and is
increasingly bound up with trade in goods.
This 21st century reality
provides a powerful argument for driving forward free trade based on a
fair, strong rules-based trading system, protecting and promoting
investments, and deepening economic integration.
13. We are therefore committed to taking steps to unlock further the
potential of trade and investment to boost growth, jobs and sustainable
We will also keep our word to refrain from
and roll back protectionist measures and support a further extension of
the G20 standstill commitment. We call on others to do the same. We
commit our support to efforts to liberalize trade in green goods and
services, emphasizing that progress in this area will boost green
In this regard we commend Asia-Pacific
Economic Cooperation ’s (APEC) decision in September 2012 to reduce
tariffs on environmental goods as an important contribution to this end.
14. As a demonstration of our commitment to open markets we will work to
conclude deep, ambitious and genuinely liberalizing bilateral, regional
and plurilateral agreements.
These agreements will address a broad range
of issues in addition to tariff reductions, including behind the border
barriers, rules, and regulatory coherence and better alignment of
standards, all of which are central to unleashing the full potential of
Such deals will be consistent with and
supportive of the WTO framework, acting as building blocks for future
multilateral agreements in the WTO, which ultimately remain the most
effective means of reducing trade barriers globally.
15. We reiterate our support for the central role of the WTO in setting
the rules that underpin global trade, in bringing down the barriers to
trade that currently inhibit global growth, in resisting and rolling
back protectionism and in ensuring proper rules enforcement for a level
playing field in world trade.
We support the continued provision of an
effective protectionism monitoring mechanism and measures to further
strengthen the peer review process in the W TO. We welcome the new
Director-General and pledge our support for efforts to build a strong
agenda that maintains the centrality of the WTO.
16. Cutting the costs of trade by reducing and streamlining bureaucracy
at borders would benefit everyone and could boost the global economy by
$1 trillion. It would open new export opportunities for developing
countries, boosting jobs and growth.
Better border procedures will also improve
customs and tax collection in developing countries. We will therefore
make determined efforts to reach agreement at the 9th WTO Ministerial
Conference in Bali in December on a package that has Trade Facilitation
at its core.
We note that achieving this goal requires
contributions from all major WTO partners. A successful Bali Ministerial
would pave the way for a reinvigorated WTO negotiating agenda.
17. Every Aid for Trade dollar spent on tackling trade bureaucracy can
increase the recipient’s trade by almost $700 each year.
We stand ready to continue to provide,
within our current Aid for Trade commitments, substantial technical
assistance and capacity building to help implement a WTO Trade
Facilitation deal, in particular to the benefit of the Least Developed
We will also be more transparent in
reporting the aid we provide, and work with developing countries,
especially the poorest, to ensure that resources are better matched to
Africa Trade and Infrastructure
18. Africa is the next emerging continent, with a growing share of the
world’s trade, investment and economic output.
We have a n historical opportunity to work
with our African partners to help promote inclusive and resilient growth
in Africa, through greater transparency, improved infrastructure, better
trade facilitation, the elimination of trade barriers and the management
of natural resources.
We welcome the contribution of the Fifth
Tokyo International Conference on African Development (TICADV) to
advancing these objectives.
19. The G8 strongly welcomes Africa’s own regional integration agenda,
which would reduce barriers to trade and continue to unlock the internal
potential of Africa. We support the African Union’s (AU) Action Plan on
Boosting Intra-African Trade (BIAT).
Cutting transit times will boost African
trade within the continent and with global markets. The G8 will work
with African countries and regional economic communities to meet the
AU’s target of doubling intra-Africa trade and reducing crossing times
at key border posts by 50% by 2022.
20. More effective border crossings and increased trade need investment
in infrastructure, including transport, energy and telecommunications.
In particular, better project preparation and risk mitigation efforts
are required to boost private investment.
The G8 commits to provide increased support
for project preparation facilities for African regional infrastructure
programs and recognizes the importance of the New Partnership for
Africa’s Development (NEPAD) Infrastructure Project Preparation Facility
hosted by the African Development Bank and other similar mechanisms.
21. The G8 urges multilateral development institutions to establish and
prioritize, as part of ongoing work on International Development
Association-17, African Development Fund-13 and European Development
Fund-11 replenishments, more effective mechanisms for collaboration on
project preparation, funding and risk mitigation for Africa’s regional
infrastructure programs, such as the Program for Infrastructure
Development (PIDA). The G8 recognize s the work being done by the G20 on
financing for infrastructure in Africa.
22. The G8 commits to explore and identify in advance of our next
meeting the further steps it can take together or individually, in
collaboration with the private sector,
International Financial Institutions (IFIs)
and other international organizations to facilitate institutional
investment flows into bankable trade-related infrastructure projects in
23. As we strive to maintain fiscal sustainability and to secure jobs
and growth for our citizens, we commit to playing our part in developing
global solutions to the problems of tax evasion and tax avoidance.
We will act to restore confidence in the
fairness and effectiveness of our international tax rules and practices,
and to ensure that each country is able to collect taxes owing and that
developing countries are also able to secure the benefits of progress
made on this agenda.
24. We welcome the OECD work on addressing Base Erosion and Profit
Shifting (BEPS) by multinational enterprises and emphasize the
importance of the OECD developing an ambitious and comprehensive action
plan for the Finance Ministers and Central Bank Governors of the G20 in
We look forward to the OECD recommendations
and commit to take the necessary individual and collective action. We
agree to work together to address base erosion and profit shifting, and
to ensure that international and our own tax rules do not allow or
encourage any multinational enterprises to reduce overall taxes paid by
artificially shifting profits to low-tax jurisdictions.
The ongoing OECD work will involve continued
engagement with all stakeholders, including developing countries.
25. Comprehensive and relevant information on the financial position of
multinational enterprises aids all tax administrations effectively to
identify and assess tax risks. The information would be of greatest use
to tax authorities, including those of developing countries, if it were
presented in a standardized format focusing on high level information on
the global allocation of profits and taxes paid.
We call on the OECD to develop a common
template for country-by-country reporting to tax authorities by major
multinational enterprises, taking account of concerns regarding
This will improve the flow of information
between multinational enterprises and tax authorities in the countries
in which the multinationals operate to enhance transparency and improve
26. A critical tool in t he fight against tax evasion is the exchange of
information between jurisdictions.
We see recent developments in tax
transparency as setting a new standard and commit to developing a single
truly global model for multilateral and bilateral automatic tax
information exchange building on existing systems.
We support the OECD report on the
practicalities of implementation of multilateral automatic exchange and
will work together with the OECD and in the G20 to implement its
recommendations urgently. We call on all jurisdictions to ado pt and
effectively implement this new single global standard at the earliest
It is important that all jurisdictions,
including developing countries, benefit from this new standard in
We therefore call on the OECD to work to
ensure that the relevant systems and processes are as accessible as
possible to help enable all countries to implement this new standard.
Tax and Development
27. It is in everyone’s interests for developing countries to be able
to: strengthen their tax base to help create stable and sustainable
states; improve their ability to fund their budgets through their own
domestic revenues; and increase ownership of their own development
We will continue to provide practical
support to developing countries’ efforts to build capacity to collect
the taxes owed to them and to engage in and benefit from changing global
standards on exchange of information, including automatic exchange of
We call on all jurisdictions to join the
Global Forum on Transparency and Exchange of Information for Tax
Purposes and the Multilateral Convention and we will continue to provide
practical support for developing countries seeking to join the Global
We each commit to continue to share our
expertise, help build capacity, including by engaging in long-term
partnership programs to secure success.
28. We welcome the OECD’s feasibility study for its Tax Inspectors
Without Borders proposal to assist tax administrations investigate
specific and complex tax cases. We will take practical steps to support
this initiative, including by making tax experts available.
29. The ability of tax administrations to compare relevant price
information across jurisdictions is essential for the effective
operation of transfer pricing rules, and a lack of data on comparable
transactions is a significant issue for effective tax collection,
particularly in developing countries.
We ask the OECD to find ways to address the
concerns expressed by developing countries on the quality and
availability of the information on comparable transactions that is
needed to administer transfer pricing effectively.
Transparency of companies and legal
30. A lack of knowledge about who ultimately controls, owns and profits
from companies and legal arrangements, including trusts, not only
assists those who seek to evade tax, but also those who seek to launder
the proceeds of crime, often across borders.
Shell companies can be misused to facilitate
illicit financial flows stemming from corruption, tax evasion and money
laundering. Misuse of shell companies can be a severe impediment to
sustainable economic growth and sound governance.
We will make a concerted and collective
effort to tackle this issue and improve the transparency of companies
and legal arrangements. Improving transparency will also improve the
investment climate; ease the security of doing business and tackle
corruption and bribery.
It will support law enforcement’s efforts to
pursue criminal networks, enforce sanctions, and identify and recover
31. We are determined to take action to tackle the misuse of companies
and legal arrangements. We will lead by example in our implementation of
the Financial Action Task Force (FATF) standards.
We today agreed to publish national Action
Plans based on common principles (annexed).
Subject to our different constitutional
circumstances, these Action Plans set out the concrete action, with
respect to money laundering and tax evasion, each of us will take to
tackle this issue to ensure that companies know who really owns and
controls them by requiring companies to obtain and hold information on
their beneficial ownership, and to ensure that this information is
available in a timely fashion to law enforcement, tax collection
agencies and other relevant authorities as appropriate, including
financial intelligence units, for example through central registries;
and by ensuring trustees know the beneficial ownership information
regarding the trust and that law enforcement, tax collection agencies
and other relevant authorities as appropriate, including financial
intelligence units, can access this information.
We will work with our FATF partners to
ensure ambitious progress at a global level, including by prioritizing
the assessment of relevant FATF recommendations.
32. Our financial systems are exposed to significant risks from money
laundering and terrorist financing.
We fully support t he FATF Standards and
commit to implementing them effectively. We support the FATF’s
identification and monitoring of high risk jurisdictions with strategic
anti-money laundering and counter-terrorist financing (AML/CFT)
deficiencies, and encourage all countries to take measures to ensure
they meet the FATF standards.
We are committed to ensuring proportionate
and effective supervision and enforcement of our AML/CFT requirements to
ensure corporate wrongdoers are held to account.
33. Taking measures to enhance financial transparency would also improve
the opportunities for African business and for markets to expand.
As African economies grow, African financial
institutions will increasingly risk exposure to illicit financial
activity, affecting the opportunities for African business and markets
to expand. We will hold the first Public-Private Sector Dialogue with
Eastern and Southern African nations on 6-8 September in Swakopmund,
Namibia, involving governments and financial institutions from the G8
and the region.
This will provide a platform for greater
ongoing collaboration, dialogue and public-private sector partnership,
and we will consider extending the Dialogue to other regions on an
34. Natural resources have the potential, if developed and managed
responsibly, in line with internationally recognized environmental and
social standards, to be a key driver of strong and sustainable growth,
especially in developing countries with an abundance of natural
To illustrate, oil exports in 2010 from a
single African country exceeded total net aid to sub-Saharan Africa.
These resources offer a long term route out of poverty for many
developing countries and an opportunity to reduce dependence on external
35. However, the lack of strong systems of transparency and
accountability in the management of the extractive sector in some
resource-rich countries has too often allowed revenues to be diverted
from high-priority national needs.
Raising global standards of transparency in
the extractive sector and building the capacity of countries to manage
their resources effectively will improve accountability, reduce the
space for corruption and other illicit activities and ensure that
citizens benefit fully from the extraction of natural resources.
36. The G8 will take action to raise global standards for extractives
transparency and make progress towards common global reporting
standards, both for countries with significant domestic extractive
industries and the home countries of large multi national extractives
Under such common standards companies would
be required to report on extractives payments, governments would take
steps to ensure disclosure compliance, and those governments that wish
to move towards the Extractives Industries Transparency Initiative
(EITI) standard will voluntarily report their revenues.
This would reduce reporting burdens on
businesses, help to fight corruption, and encourage more effective and
efficient investment, including in developing countries.
37. Thirty-nine countries have signed up to the EITI, which increases
transparency and accountability in the payments companies make and the
revenues governments receive for their natural resources.
We welcome the new EITI rules adopted in
May, which aim to increase the coverage and accessibility of data
produced by EITI countries and ensure that participating countries are
held to a high standard. We encourage other countries to sign up to the
38. The US has adopted legislation requiring certain publicly trade d
extractives companies to report their payments to governments around the
The EU Accounting and Transparency
Directives will introduce equivalent standards for EU Member States. EU
G8 members will quickly implement the EU Accounting and Transparency
These will require mandatory reporting of
payments to governments by all listed and large unlisted extractive
companies in the EU to all governments, and are consistent with section
1504 of the US Dodd Frank legislation and the new EITI standard.
The US, UK and Franc e will seek candidacy
status for the new EITI standard by 2014. Canada will launch
consultations with stakeholders across Canada with a view to developing
an equivalent mandatory reporting regime for extractive companies within
the next two years. Italy will seek candidacy status for the new EITI
standard as soon as possible.
Germany is planning to test EITI
implementation in a pilot region in view of a future candidacy as
implementation country. Russia and Japan support the goal o f EITI and
will encourage national companies to become supporters.
39. We encourage other countries that host major multinational or
state-owned enterprises that invest abroad to implement equivalent
mandatory reporting rules with a view to creating an international
reporting regime that avoids duplicate reporting burdens on business.
These global standards should move towards
40. As part of our commitment to extractives transparency, we continue
to support responsible, conflict-free sourcing of minerals from
conflict-affected regions, including gold, diamonds and other precious
We will promote positive economic
development and responsible sourcing in the artisanal mining sector,
particularly from conflict and high-risk areas.
We reaffirm our continued support for the
OECD Due Diligence Guidance for Responsible Supply Chains of Minerals
from Conflict-Affected and High-Risk Areas, and the International
Conference of the Great Lakes Regional Certification Mechanism as part
of global multilateral, multi-stakeholder efforts to combat the trade in
conflict minerals through certification, responsible business conduct
and respect for human rights.
We also reaffirm our support for the
Kimberley Process as the global, multi-stakeholder initiative to curb
the trade in “conflict diamonds ” and encourage the Kimberley Process to
resolve discussions concerning the definition of “conflict diamond”.
41. We welcome the leadership of the AU and the Intergovernmental Forum
on Mining in promoting good governance and transparency in the
extractive sector including through the African Mining Vision, the
African Mineral Development Centre and the Mining Policy Framework.
We also welcome the increasing interest of
the NEPAD on these issues. The technical assistance provided to
strengthen the capacities of the developing countries to negotiate
natural resources contracts is paramount.
We welcome the financial support provided to
the African Development Bank’s African Legal Support Facility and the
Facility for Fair Exploitation of Extractive Resources in Africa, and
encourage other countries to commit to these facilities. In support of
such initiatives, we will partner with resource rich developing
countries, the private sector and civil society to strengthen capacity
and increase transparency in the extractive sectors.
42. We have this week launched initial partnerships with,
Burkina Faso (France)
Guinea (US )
Peru (Canada )
Italy is on track to finalize a partnership
with an African country.
They will be tailored to the needs of each
country and support national development plans with the objective of
improving transparency and governance in the extractive sector by 2015.
43. Weak land governance and property rights systems can lead to opaque
land deals, which facilitate corruption and undercut responsible actors
seeking access to land for productive investment.
Weak governance in many developing countries
allows unproductive land speculation and undermines agricultural
productivity. Increasing security of land rights and transparency of
land governance fosters participation of citizens, contributes to
government accountability, reduces costs for businesses, and strengthens
the climate for responsible investment.
We welcome global activities to improve land
tenure governance, including through access to information and
participation of citizens in decision making. We acknowledge the
importance of multilateral effort s to promote greater land
transparency, in particular, the role of the Food and Agriculture
Organization (FAO) in providing global policy guidance for good land
governance and transparency.
We welcome the launch of the consultations
on the principles for Responsible Agricultural Investment (RAI),
highlighting that good governance in the land sector is central to rural
development, food security and sustainable public and private
44. We will support greater transparency in land transact ions including
at early stages, and increased capacity to develop good land governance
systems in developing countries.
Last year, the G8 welcomed the UN
Committee on World Food Security’s Voluntary Guidelines on the
Responsible Governance of Tenure of Land, Fisheries and Forests in the
Context of National Food Security (VGGT).
To implement them, and to support regional
processes such as the Land Policy Initiative of the AU, this year we are
establishing partnerships with certain developing countries and relevant
international organizations to accelerate and target support to
countries’ existing land governance programs in conjunction with
businesses, in particular farmers, and civil society.
45. We have this week launched initial partnerships with Burkina Faso
(US ), South Sudan (EU), Namibia (Germany), Nigeria (UK), Niger (EU),
Senegal (France) and Tanzania (UK).
They will be tailored to the needs of each
country and support national development plans with the objective of
improving land governance and in particular transparency in land
transactions by 2015.
In addition, Japan and Italy are providing
increased support through FAO and World Bank to support implementation
of the VGGT in developing countries.
46. Open government data are an essential resource of the information
Moving data into the public sphere can
improve the lives of citizens, and increasing access to these data can
drive innovation, economic growth and the creation of good jobs.
Making government data publicly available by
default and reusable free of charge in machine-readable,
readily-accessible, open formats, and describing these data clearly so
that the public can readily understand their contents and meanings,
generates new fuel for innovation by private sector innovators,
entrepreneurs, and non-governmental organizations.
Open data also increase awareness about how
countries’ natural resources are used, how extractives revenues are
spent, and how land is transacted and managed.
47. We have today agreed and published an Open Data Charter
(annexed) with the following principles:
Open Data by Default - foster
expectations that government data be published openly while
continuing to safeguard privacy
Quality and Quantity - release
quality, timely and well described open data
Useable by All - release as much
data in as many open formats as possible
Releasing Data for Improved
Governance - share expertise and be transparent about data
collection, standards and publishing processes
Releasing Data for Innovation -
consult with users and empower future generations of innovators.
48. This Open Data Charter will
increase the supply of open government data across a number of key
categories including health, environment and transport; support
democratic processes; and ensure that all data supplied are easy to use.
We encourage others to adopt this Charter.
G8 members will, by the end of this year,
develop action plans, with a view to implementation of the Charter and
technical annex by the end of 2015 at the latest. We will review
progress at our next meeting in 2014.
49. In keeping with the Open Data Charter principles, transparent
data on G8 development assistance are also essential for accountability.
We have all agreed to implement the Busan
Common Standard on Aid Transparency, including both the Creditor
Reporting System of the OECD Development Assistance Committee and the
International Aid Transparency Initiative (IATI), by 2015.
To show greater G8 leadership we will ensure
data on G8 development assistance is open, timely, comprehensive and
50. G8 members should over time apply the Busan common transparency
standards to their respective Development Finance Institutions and
international public climate finance flows consistent with the reporting
of climate finance under the UN Framework Convention on Climate Change (UNFCCC).
51. We are committed t o holding ourselves to account for the promises
we have made in an open and transparent way as agreed at L’Aquila in
We welcome the Lough Erne Accountability
Report 2013 - a comprehensive report covering the 56 development
commitments that were the subject of the 2010 Comprehensive
Accountability Report and the additional commitments Leaders made at
Muskoka, Deauville, and Camp David Summits.
We reaffirm our determination to continue
working with partner countries and other stakeholders to end extreme
poverty, building on our shared experiences and addressing new
challenges under country - owned strategies. Transparency and mutual
accountability remain cornerstones of our approach.
52. The Report shows good progress in areas such as supporting maternal
and child health; access to clean water; improving food security; and
helping to build peace and security, particularly in Africa.
But it also identifies that more action is
required to deliver on our promises in some areas. In addition to
working on existing commitments, we also recognize the need to face up
to and address new challenges in close partnership with others.
Food Security and Nutrition
53. G8 members reaffirm their 'commitment' to respond with the scale and
urgency needed to achieve
sustainable global food and nutrition security, and note
that we have met our financial pledges made at L’Aquila in 2009 and will
work to complete disbursements.
We reaffirm our commitment to the New
Alliance for Food Security and Nutrition and welcome progress since its
launch in 2012. We reaffirm our commitment to the Comprehensive Africa
Agriculture Development Program (CAADP) as the guiding framework for
agricultural transformation in Africa, recognizing the New Alliance as a
means to increase private sector investment in support of CAADP Country
We will build on the achievements of the US
G8 Presidency by advancing action in four areas:
Leadership - by reinforcing African
ownership and establishing the Leadership Council as the primary
oversight body f or the New Alliance
Accountability - by agreeing a
credible and effective way to track and report transparently on
progress, aligned with the CAADP monitoring framework
Expansion - by expanding
participation in the New Alliance by African countries, global
and African private sector, and development partners
Deepening impact - by ensuring that
investments have a measurable impact on reducing poverty and
malnutrition, particularly for smallholders and women, and are
made responsibly and support the sustainable use of natural
54. The progress report to the New Alliance
Leadership Council highlights the creation of partnership agreements in
six African countries; progress made implementing policy reforms and
catalyzing private sector investment; and the launch of tools to
mobilize capital, improve access to new technology, manage risk and
We welcome expansion of the New Alliance to
include Nigeria, Benin and Malawi and the initial steps to develop a new
Cooperation Framework with Senegal. We recognize the critical role
played by smallholder farmers, especially women.
We welcome the establishment of a robust
system to track results integrated into the CAADP monitoring framework.
G8 Members continue to support the Global
Agriculture and Food Security Program to finance country-owned
agricultural development activities, especially those that achieve
positive nutrition outcomes, and to leverage greater flows of private
capital to smallholder farmers and agribusinesses in low-income
55. We welcome the recently announced Global Nutrition for Growth
Compact which commits to under-nutrition reduction targets for 2020.
We also welcome the financial and policy
commitments to accelerate progress towards ending under-nutrition for
women and young children. Progress on these commitments should be
regularly reported and reviewed, including through the Scaling-Up
Nutrition Movement, which we continue to support.
Climate change is one of the foremost
challenges for our future economic growth and well-being.
We remain strongly committed to addressing
the urgent need to reduce greenhouse gas emissions significantly by 2020
and to pursue our low carbon path afterwards, with a view to doing our
part to limit effectively
the 'increase' in global temperature
below 2ºC above pre-industrial levels, consistent with science.
57. We will pursue ambitious and transparent action, both domestically
and internationally, in the UNFCCC, complemented by actions addressed
through other relevant forums, including but not limited to:
the Major Economies Forum (MEF),
where we will work with our partners to secure progress on the
MEF Action Agenda and to overcome differences on the road to the
global deal in 2015
the International Civil Aviation
Organization (ICAO), where we call for the agreement at the
Assembly in September 2013 on an ambitious package related to
both market-based and non-market based measures to address
rising aviation emissions
the International Maritime
Organization (IMO), where we continue to work together on
further measures to address the issue of shipping emissions
the Climate and Clean Air Coalition
which we all committed to join at our last Summit, where we will
build on the eight global initiatives already begun and further
develop the scientific evidence base and private sector
58. We recognize climate change as a
contributing factor in increased economic and security risks globally.
The G8 has agreed to consider means to
better respond to this challenge and its associated risks, recalling
that international climate policy and sustainable economic development
are mutually reinforcing.
59. In the UNFCCC we will work to ensure that a new protocol, another
legal instrument or an agreed outcome with legal force under the
Convention applicable to all parties is adopted by 2015, to come into
effect and be implemented from 2020.
We also note with grave concern the gap
between current country pledges and what is needed, and will work
towards increasing mitigation ambition in the period to 2020.
We reiterate our commitment to the developed
countries’ goal of mobilizing jointly $ 100 billion of climate finance
per year by 2020 from a wide variety of sources in the context of
meaningful mitigation actions and transparency on implementation and are
advancing our efforts to continue to improve the transparency of
international climate finance flows.
We welcome the efforts of the
Secretary-General of the United Nations to mobilize political will
through 2014 towards a successful global agreement in 2015 during the
Conference of the Parties that France stands ready to host.
We look forward to the fifth Assessment Report of the International
Panel on Climate Change (IPCC).
Deauville Partnership with Arab Countries
60. The aspirations of the people of the Middle East and North Africa
(MENA) for freedom, dignity and opportunity remain undiminished.
Progress has been achieved. But the region
continues to face serious challenges. We pledge our continued support
for the political and economic reforms in the region and encourage
Leaders of Arab Countries in Transition to continue to make progress
through the difficult transition toward democracy, prosperity, open
economies and more inclusive societies, including respect for the rights
of women and girls and the right to practice religious faith in safety
61. Through coordinated bilateral and multilateral support, we will help
countries in transition work towards achieving the economic stability,
structural reform, and good governance and anti-corruption reforms
necessary to enable sustainable and inclusive growth and create jobs.
62. We will continue to support country-led reforms, including projects
to support institutional reform, enhanced trade, investment and job
creation, including through the MENA Transition Fund, alongside other
support from Partners.
We welcome the approval of around
$100million of projects in the Fund’s first year of operation and
encourage partners to deliver on pledges made to date and to increase
contributions to ensure the initial capitalization of $ 250 million is
met. We further welcome and encourage new donors to the Fund beyond the
63. We will continue to support greater trade, investment and economic
integration in the region, including through ambitious bilateral trade
and investment agreements and improved access to capital for governments
We hope soon to welcome Yemen into the WTO
and support Libya’s path to accession. We welcome the in vestments in
the region by t he IFIs and international organizations.
We welcome the imminent ratification by all
members of the extension of the European Bank for Reconstruction and
Development’s geographical mandate to facilitate further investment in
We recognize the critical role played by
young people, women and SMEs in economic stability and growth. We will
continue to work with the IFIs to take forward the SME action plans in
parallel with a new initiative to provide mentoring support to SMEs.
64. We reiterate our high level of commitment to return stolen assets to
countries in transition, including through participation in the Arab
Forum on Asset Recovery.
We will continue to strengthen cooperation
on bilateral casework and develop further the collaboration among our
practitioners. Each G8 country will present a road-map by the second
Arab Forum on Asset Recovery (AFAR II) in October 2013 that sets out the
steps we are taking to meet our commitments under the 2012 Asset
Recovery Action Plan. We will enhance co ordination in our provision of
capacity-building and technical assistance.
We will work to agree and adopt principles
of good practice in the transliteration of Arabic names in our legal
documents by AFAR II. We will support the development of an active
law-enforcement network on asset recovery in the Middle East/North
65. In line with the G8 tradition of accountability, Foreign Ministers
of the Partnership will consider a report on an assessment of progress
against commitments at their meeting in September 2013.
66. We reiterate our condemnation of terrorism in all its forms and
manifestations, and wherever it occurs.
We remain concerned about the increasingly
fragmented and geographically diverse threat posed by terrorist groups
including al-Qaeda and its affiliates. None of us are immune: since Camp
David every G8 partner has been directly affected by acts of terrorism,
either at home or overseas.
We recognize the valuable leadership role of
the UN, including through its Global Counter Terrorism Strategy, the
work of the Roma Lyon Group and the importance of the Global Counter
Terrorism Forum (GCTF).
We are committed to working together to
reduce the risk of terrorism for our own citizens, including from
home-grown terrorism, and for our partners overseas.
Our response must be robust, intelligent and
based on a comprehensive approach, respecting human rights and the rule
of law, which counters radicalization, violent extremism and terrorist
financing (including flows channeled through off-shore jurisdictions),
and which tackles the conditions and grievances that terrorists seek to
67. While recognizing the global threat from terrorism, recent
developments in Africa, notably in an arc running from Mauritania in the
west to Somalia in the east, show how terrorism combines with other
factors to threaten stability and economic interests. That is why we
support efforts to dismantle the terrorist safe haven in northern Mali.
We welcome France’s important contribution
in this regard. Following the successful international high-level
donors’ conference to Brussels on 15 May, we support the swift
deployment of a UN stabilization force in Mali, and encourage the
Government of Mali energetically to pursue a political process which can
build long-term stability.
We also support the Federal Government of
Somalia as it re-establishes peace and security after years of conflict
fuelled by terrorist groups and commend the commitment of AU Mission in
Somalia (AMISOM) forces. We support the Government’s efforts to set up a
robust, impartial and effective justice system.
We support the Somali Government’s efforts
to introduce economic reforms which will help facilitate the welcome
process of Somalia’s re-engagement with the IFIs.
68. We need a coordinated and coherent approach to tackle the spread of
terrorism and address the drivers of instability in northern Africa and
We will seek to reinforce the work being
taken forward in this area, including by the UN, EU, AU, Economic
Community of West Africa States (ECOWAS) and the GCTF. We have
identified five priority areas for action in those countries in northern
Africa where the problems of terrorism and its drivers are most
We will take forward this work in close
co-operation with the countries themselves.
69. Building security and rule-of-law capacity. We will work
individually and collectively, including through the UN, AU, and GCTF to
help build capacity to identify, disrupt and prosecute terrorist
activity, while respecting human rights.
We will also support multinational efforts,
including the EU Training Missions in Mali and Somalia, and welcome the
establishment of the International Institute of Justice and Rule of Law
70. Tackling criminal trafficking and strengthening border security.
We will offer political and practical
support to those regional and international organizations leading
efforts to enhance the ability of countries to monitor and control their
borders and to tackle facilitating factors such as corruption,
transnational organized crime and illicit trafficking of drugs and
people, which undermine governance and the rule of law and in some cases
provide an important source of funding for terrorists.
We recognize the important work of the UN
Office on Drugs and Crime (UNODC) in this regard. We encourage the UNODC
(with GCTF and ECOWAS supporting) to convene a high-level meeting to
bring together the countries of the region, donors and those with
relevant expertise to look at the particular challenges facing North and
West Africa, including cooperation in tackling, by a variety of means,
terrorist groups that move across borders.
We will also take action to tackle the
illegal trafficking of protected or endangered wildlife species.
71. Countering violent extremism.
We will support work to counter violent
extremism, in particular addressing extremist narratives that seek to
justify terrorist activity in these countries, including supporting the
GCTF and its work to develop the Hedayah Centre, the first international
centre of excellence on countering violent extremism.
We are also dedicated to enhancing
cooperation to tackle t he escalating risks of recruitment and
radicalization, including through providing support to vulnerable
communities, and building capacity to counter violent extremism.
72. Reducing the vulnerability of multinational companies. Foreign
direct investment helps deliver economic growth and is a means to tackle
We welcome the intention of the Roma Lyon
Group to develop a set of principles to guide our work with
multinational companies, supporting them to operate securely in high
threat environments, whilst protecting their staff and equities from
Once agreed, we will aim to encourage
adoption of these principles on a global basis.
73. Addressing the wider drivers of instability. Poverty and
socio-economic disparities contribute to instability and are exploited
We will support the efforts of international
and regional organizations, including the IFIs to promote sustainable
development and economic growth in northern Africa helping to create the
conditions that give people a stake in stability, security and the rule
of law. Through the EITI and mandatory disclosure requirements as
appropriate, we will also encourage transparent and accountable
management of mineral resources.
We endorse the work done to improve
agriculture and livelihoods through the leadership of the Alliance
Globale pour l’Initiative Résilience-Sahel (AGIR-Sahel ) process.
And we will support the transition of Arab Spring countries across North
Africa through the Deauville Partnership working for open economies and
74. We are determined to use our collective resources to deliver
progress in these areas.
This collective effort will be augmented by
bilateral cooperation that reflects our different historical, economic,
cultural and political ties to the countries of northern Africa and the
Sahel, and our traditional areas of capacity-building expertise.
We have agreed to hold a further G8 meeting
later this year, at the level of National Security Advisers or other
senior officials, and involving regional and international partners, to
review progress and further our objectives.
The threat posed by kidnapping for ransom
by terrorists and the preventive steps the international community can
75. The international community has made significant progress in
combating the flow of funds to terrorist organizations.
However, in the last three years, we
estimate that Al Qaeda-affiliated and other Islamist extremist groups
worldwide have collected tens of millions of dollars in ransoms.
Payments to terrorists from Sahel to the Horn of Africa helped fuel
instability in the region, and contributed to large scale attacks like
The payment of ransoms to terrorist groups
is one of the sources of income which supports their recruitment
efforts, strengthens their operational capability to organize and carry
out terrorist attacks, and incentivizes future incidents of kidnapping
for ransom, thereby increasing the risks to our nationals.
76. We are committed to protecting the lives of our nationals and
reducing terrorist groups’ access to the funding that allows them to
survive and thrive in accordance with relevant international
We unequivocally reject the payment of
ransoms to terrorists in line with the UN Security Council Resolution
1904 (2009) which requires that Member States prevent the payment of
ransoms, directly or indirectly, to terrorists designated under the UN
Al-Qaeda sanctions regime through the freezing of funds and other
77. We welcome efforts to prevent kidnapping and to secure the safe
release of hostages without ransom payments, such as those recommended
by the GCTF, specifically in the Algiers Memorandum on Good Practices on
Preventing and Denying the Benefits of Kidnapping for Ransom by
We encourage further expert discussion,
including at the Roma Lyon group, to deepen our understanding of this
problem. We also encourage private sector partners, including aid and
media organizations, travel and insurance companies, and other
businesses to adopt their own similar guidelines and good practices for
preventing and responding to terrorist kidnaps.
78. We continue to support efforts to reduce terrorist groups’ access to
funding and financial services through the ongoing work of the FATF to
improve anti-money laundering and terrorist financing frameworks
worldwide. We call on all countries to effectively implement the revised
79. But when the worst happens, we agree to provide mutual assistance to
States responding to terrorist kidnaps including, as appropriate and
feasible, through information sharing and specialist expertise or
assistance, or the provision of resources related to hostage rescue.
We will also support capacity-building
initiatives to help states prevent, and prepare to respond to future
terrorist kidnaps including through bringing terrorists to justice more
effectively and ensuing that they do not avoid responsibility.
80. We call on discussions at the UN on new mechanisms to increase
international awareness of the threat o f kidnapping for ransom, and
propose consideration of further UN Security Council resolutions to
address and mitigate the threat.
81. We strongly support efforts by the international community to tackle
other forms of kidnapping and to reduce the threat of piracy.
82. We are determined to work together to stop the bloodshed and loss of
life in Syria and to support the Syrian people to establish peace and
stability through political means.
We are gravely concerned at the appalling
human tragedy that the UN estimates has cost the lives of over 93,000
people and led to 4.2 million internally displaced persons and 1.6
We acknowledge the vital humanitarian role
played by neighboring countries hosting Syrian refugees, above all
Lebanon and Jordan, in dealing with the significant economic and
security pressures they are facing as a result of the conflict and
83. Given the extraordinary humanitarian need as reflected in the latest
UN appeal for $5.2 billion in 2013, we are resolved to make exceptional
contributions commensurate with the scale of the problem.
At this meeting G8 Leaders confirmed
additional contributions of almost $1.5 billion to meet humanitarian
needs in Syria and its neighbors.
We recognize that further contributions will
be needed given the scale of the challenge. We urge other countries and
organizations to make similar commitments.
We call for aid agencies to be given
immediate access to provide humanitarian assistance to all civilians in
need, in accordance with humanitarian principles and international law,
particularly in the worst affected areas such as Qusayr.
84. We remain committed to achieving a political solution to the crisis
based on a vision for a united, inclusive and democratic Syria.
We strongly endorse the decision to hold as
soon as possible the Geneva Conference on Syria to implement fully the
Geneva Communiqué of 30 June 2012, which sets out a number of key steps
beginning with agreement on a transitional governing body with full
executive powers, formed by mutual consent.
As the Geneva Communiqué says, the public
services must be preserved or restored. This includes the military
forces and security services.
However all governmental institutions and
state offices must perform according to professional and human rights
standards, operating under a top leadership that inspires public
confidence, under the control of the transitional governing body.
85. Both sides at the Conference must engage seriously and
They should be fully representative of the
Syrian people and committed to the implementation of the Geneva
Communiqué and to the achievement of stability and reconciliation. We
will engage actively with the parties in order to achieve successful
86. We are deeply concerned by the growing threat from terrorism and
extremism in Syria, and also by the increasingly sectarian nature of the
conflict. Syria must belong to all Syrians, including its minorities and
all religious groups.
We call on the Syrian authorities and
opposition at the Geneva Conference jointly to commit to destroying and
expelling from Syria all organizations and individuals affiliated to Al
Qaeda, and any other non-state actors linked to terrorism.
We will support UN planning for Syria’s
transition, recovery, and reconstruction needs, in particular by
maintaining continuity of state institutions during transition and
helping to ensure that the security forces are effective, accountable
and able to deal with the threat of terrorism and extremism.
87. We condemn any use of chemical weapons in Syria and call on all
parties to the conflict to allow access to the UN investigating the
mandated by the UN Secretary-General, and drawing on the expertise of
the Organization for the Prohibition of Chemical Weapons (OPCW) and
World Health Organization (WHO), in order to conduct an objective
investigation into reports of use of chemical weapons.
The UN team should make their report and
deliver it to the UN Security Council for their assessment. We are
determined that those who may be found responsible for the use of
chemical weapons will be held accountable.
We emphasize the need for the secure and
safe storage of all chemical weapons in Syria, pending their destruction
under international verification. We also condemn in t he strongest
possible terms all human rights violations and abuses in Syria,
committed by anyone, including indiscriminate attacks on civilians.
We call on all sides to respect
international humanitarian and human rights laws, noting the particular
responsibility of the Syrian authorities in this regard.
88. Following the elections in Libya last year, the first for over four
decades, we welcome the progress made by the Libyan government under the
stewardship of Prime Minister Zeidan.
We encourage the government to continue this
progress, delivering concrete results. To ensure an effective transition
to a more stable, democratic and prosperous future, we urge continued
and sustained engagement by the international community, coordinated by
the UN Support Mission in Libya (UNSMIL).
This engagement should support the Libyan
Government’s efforts to increase the effectiveness and capacity of its
security and justice sector institutions, to complete a successful
transition to democracy, and, following four decades of mismanagement,
to develop the Libyan economy and to improve the provision of public
We encourage all Libyans to engage with the
political process of reconciliation and constitutional reform through
peaceful and inclusive means, underpinned by respect for the rule of
89. We agreed that all relevant parties must work urgently for a just,
lasting and comprehensive peace in the Middle East.
We support a two-state solution with an
independent, democratic, contiguous, and viable Palestinian state living
side-by-side in peace and security with Israel and its other neighbors.
We call for the necessary steps to build
trust and urge the parties to work towards the resumption of direct
negotiations without preconditions, taking note of the 23 September 2011
statement of the Middle East Quartet.
We affirm our support for the Palestinian
Authority and its state-building efforts and encourage the international
community to extend the fullest assistance possible to revitalizing the
90. We recognize the progress made by the Afghan National Security
Forces in taking the lead for security across Afghanistan from mid-2013.
We will continue to assist the Government of
Afghanistan with meeting their commitments to strengthen their
institutions of governance, to combat corruption and the threat of
terrorism. We underline the continuing need for the Afghan Government,
with support from the international community to tackle more effectively
illicit drug production, trade and trafficking.
This should include further measures to
reduce the cultivation of opium poppy and the production of, trafficking
in and consumption of opiates. Presidential and Provincial elections in
2014 should be credible, inclusive and transparent, as agreed under the
Tokyo Mutual Accountability Framework. All Afghans should be able to
participate peacefully in the country’s political future.
We support an inclusive Afghan-led and
Afghan-owned process of reconciliation, based on the principles of
renouncing violence, cutting ties with terrorist groups and respecting
the Afghan Constitution, including its human rights provisions, notably
on the rights of women and minorities.
Our commitment to Afghanistan, within a
stable region, will endure beyond this important year of transition.
91. Preventing the proliferation of weapons of mass destruction and
their means of delivery is a top priority. Such proliferation is a major
threat to international peace and security.
92. Iran’s nuclear program, which it continues to develop in violation
of UN Security Council Resolutions and in defiance of the International
Atomic Energy Agency (IAEA) Board of Governors resolutions, remains a
source of serious concern. We once again urge Iran to comply fully and
without delay with these international obligations.
We call on the international community to
ensure full implementation of UN sanctions. We s tress that it is
essential and urgent for Iran to cooperate fully with the IAEA on all
aspects of its nuclear program, including to resolve questions on its
possible military dimensions, and to engage actively and constructively
with the E3+3 (China, France, Germany, Russia, the UK, the US and the EU
High Representative) to find the diplomatic resolution to the nuclear
issue which we seek.
We reaffirm that in line with the UN
Security Council’s approved dual track approach, Iran has the ability to
avoid further isolation and improve its situation only if it promptly
addresses the concerns of the international community. We strongly urge
Iran to fully respect its human rights obligations.
We note the election of President-elect
Rouhani and we invite Iran to use this opportunity to resolve its
differences with the international community.
93. We remain deeply concerned about North Korea’s nuclear and ballistic
North Korea must meet its international
obligations by completely, verifiably and irreversibly abandoning its
nuclear and ballistic missile programs. It must engage constructively in
credible and authentic multilateral talks and refrain from provocative
actions. It must abide by its obligations under relevant UN Security
Council Resolutions and the 19 September 2005 Joint Statement of the Six
Whilst it refuses to meet these obligations,
we call on the international community to ensure full implementation of
UN sanctions against North Korea. We urge North Korea to address the
concerns of the international community over its human rights
violations, including the abductions issue and treatment of refugees
returned to North Korea.
94. We welcomed the historic Declaration on Preventing Sexual Violence
in Conflict adopted by G8 Foreign Ministers on 11 April and encouraged
its early implementation.
The Declaration contains political and
practical elements, including acknowledgement by G8 members that rape
and serious sexual violence in international armed conflict constitute
grave breaches of the Geneva Conventions.
95. Two years after the accident at the TEPCO’s Fukushima Daiichi
nuclear power station, achieving and maintaining the highest levels of
nuclear safety worldwide remains a priority.
We reaffirm the importance of international
cooperation and our full support to the IAEA Action Plan on Nuclear
Safety. We will continue, in our national capacity as well as
collectively, to take our full share in its implementation.
In this regard, we commend and support the
work being done at the IAEA for improving the effectiveness of the
Convention on Nuclear Safety and stress the need to further strengthen
the implementation of other relevant conventions as well as national
capabilities and international mechanisms for nuclear emergency
preparedness and response.
96. We look forward to meeting under the Presidency of Russia in Sochi
on 4-5 June 2014.
G8 Action Plan Principles to prevent the
misuse of companies and legal arrangements
Subject to our different constitutional circumstances, and understanding
that a one-size-fits all approach may not be the most effective, the G8
endorses the following core principles that are fundamental to the
transparency of ownership and control of companies and legal
These core principles, consistent with the
FATF standards, are essential to ensure the integrity of beneficial
ownership and basic company information, the timely access to such
information by law enforcement for investigative purposes, as well as,
where appropriate, the legitimate commercial interests of the private
The G8 also commits to publish national
Action Plans based on these principles that set out the concrete action
each of us will take to counter money laundering and tax evasion.
To ensure G8 members are held to account for
their commitments, the G8 agrees to a process of self reporting through
a public update on the progress made against individual action plans and
to inform the Financial Action Task Force.
Companies should know who owns and
controls them and their beneficial ownership and basic
information should be adequate, accurate, and current. As such,
companies should be required to obtain and hold their beneficial
ownership and basic information, and ensure documentation of
this information is accurate.
Beneficial ownership information on
companies should be accessible onshore to law enforcement, tax
administrations and other relevant authorities including, as
appropriate, financial intelligence units. This could be
achieved through central registries of company beneficial
ownership and basic information at national or state level.
Countries should consider measures to facilitate access to
company beneficial ownership information by financial
institutions and other regulated businesses. Some basic company
information should be publicly accessible.
Trustees of express trusts should
know the beneficial ownership of the trust, including
information on beneficiaries and settlers. This information
should be accessible by law enforcement, tax administrations and
other relevant authorities including, as appropriate, financial
Authorities should understand the
risks to which their anti-money laundering and countering the
financing of terrorism regime is exposed and implement effective
and proportionate measures to target those risks. Appropriate
information on the results of the risk assessments should be
shared with relevant authorities, regulated businesses and other
The misuse of financial instruments
and of certain shareholding structures which may obstruct
transparency, such as bearer shares and nominee shareholders and
directors, should be prevented.
Financial institutions and
designated non financial businesses and professions, including
trust and company service providers, should be subject to
effective anti-money laundering and counter terrorist financing
obligations to identify and verify the beneficial ownership of
their customers. Countries should ensure effective supervision
of these obligations.
Effective, proportionate and
dissuasive sanctions should be available for companies,
financial institutions and other regulated businesses that do
not comply with their respective obligations, including those
regarding customer due diligence. These sanctions should be
National authorities should
cooperate effectively domestically and across borders to combat
the abuse of companies and legal arrangements for illicit
activity. Countries should ensure that their relevant
authorities can rapidly, constructively, and effectively provide
basic company and beneficial ownership information upon request
from foreign counterparts.