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G20 'names and shames' financial supervision laggards
December 18, 2013 / 3:50 PM / 4 years ago

G20 'names and shames' financial supervision laggards

LONDON, Dec 18 (Reuters) - Four of the world’s 20 leading economies (G20) have failed to fully live up to commitments they made during the financial crisis to implement rules making banks and markets safer.

The G20’s regulatory task force, the Financial Stability Board (FSB), which is chaired by Bank of England Governor Mark Carney, gave an update on how G20 members are applying new rules.

The aim is to “name and shame” laggard countries that are not properly applying new rules requiring their financial supervisors to cooperate fully to ensure banks and others cannot exploit any gaps.

The FSB said Argentina, Indonesia, Russia and Turkey had yet to demonstrate strong enough adherence to the G20 agreements.

Ten other countries, which are not members of the G20, fell into the same category: The Bahamas, Chile, Israel, Malaysia, Poland, Greece, Mauritius, Barbados, Colombia and Hungary.

Venezuela, which is also not a G20 member, was considered to be the world’s only “non-cooperative” jurisdiction and was not in dialogue with the FSB.

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