The Financial Stability Board in March 2010 commenced an initiative to encourage the adherence of all countries and jurisdictions to regulatory and supervisory standards on international cooperation and information exchange, including by identifying non-cooperative jurisdictions and assisting them to improve their adherence.
This initiative is making good progress. All but a few of the jurisdictions contacted by the FSB either already demonstrate sufficiently strong adherence to the relevant standards or are implementing reforms to strengthen their adherence. The initiative was commenced in response to a call by the G20 Leaders at their April 2009 Summit in London for the FSB to develop a toolbox of measures to promote adherence to prudential standards and cooperation with jurisdictions. It complements similar initiatives by the Global Forum on Transparency and Exchange of Information for Tax Purposes to promote adherence to international standards in the tax area, and by the Financial Action Task Force for standards concerning anti-money laundering and combating the financing of terrorism.
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