BRICS agrees to step up efforts to combat terror, money laundering; integrate financial markets

India and other members of the BRICS grouping on Monday agreed to step up collaboration to combat terror funding and money laundering.

PTI June 19, 2017 19:56:41 IST
BRICS agrees to step up efforts to combat terror, money laundering; integrate financial markets

Beijing: India and other members of the BRICS grouping on Monday agreed to step up collaboration to combat terror funding and money laundering.

BRICS agrees to step up efforts to combat terror money laundering integrate financial markets

China's Foreign Minister Wang Yi attends the BRICS Foreign Ministers meeting in Beijing. Reuters

Senior finance officials from BRICS countries agreed at a meeting in Shanghai to strengthen cooperation in nine fiscal and financial areas.

Brazil, Russia, India, China and South Africa will push the development of the BRICS New Development Bank, ensuring it plays an important role in BRICS cooperation, according to an official document released after the second BRICS finance ministers and central bank governors meeting.

Local currency bond markets in BRICS countries will be advanced through collaboration, while a cooperation framework for public private partnerships will be set up, state-run Xinhua news agency reported citing the document.

The parties also agreed to strengthen financial regulatory collaboration and establish an improved network of financial services institutions, boosting the integration of financial markets among the BRICS countries.

Coordinated efforts will be made to converge accounting and auditing standards, laying a solid foundation for connectivity in bond markets in BRICS countries.

The BRICS Contingent Reserve Arrangement, which provides protection against liquidity pressures, will be improved.

Coordination will be advanced in currency swaps, local currency settlement, direct investment in local currency and tax cooperation.

Updated Date:

also read

Ireland vs South Africa: Janneman Malan, Quinton de Kock put up 225-run partnership as visitors win to draw ODI series
First Cricket News

Ireland vs South Africa: Janneman Malan, Quinton de Kock put up 225-run partnership as visitors win to draw ODI series

Ireland were eyeing their first ODI campaign success against a top eight-nation after a 43-run win on Tuesday put them 1-0 up following a washed-out opener.

Highlights, Ireland vs South Africa, 2nd T20I at Belfast, Full Cricket Score: Proteas clinch series with 42-run win
First Cricket News

Highlights, Ireland vs South Africa, 2nd T20I at Belfast, Full Cricket Score: Proteas clinch series with 42-run win

Follow live score and updates from the second T20I between Ireland and South Africa on our blog.

Ireland vs South Africa: Tabraiz Shamsi spins Proteas to victory in first T20I
First Cricket News

Ireland vs South Africa: Tabraiz Shamsi spins Proteas to victory in first T20I

The first of three T20s wasn't competitive, surprisingly so after a thrilling one-day international series that was drawn 1-1 last week.