WASHINGTON -- Group of 20 finance ministers and central bankers have pledged to fight tax avoidance, responding to the uproar generated by the so-called Panama Papers that revealed the use of offshore accounts by world leaders and their families.
All countries that have not yet done so should commit to standards for the exchange of bank account and other information to fight the use of offshore tax havens, the group said in a joint statement following a two-day meeting here through Friday. The G-20 and the Organization for Economic Cooperation and Development must produce "objective criteria by our July meeting to identify noncooperative jurisdictions with respect to tax transparency," the G-20 officials said.
The finance ministers and central bank governors also noted that "excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability," pledging to refrain from competitive currency devaluations. "Downside risks and uncertainties" persist in the outlook for global growth, they said.