Statement by G7 Finance Ministers and Central Bank Governors, London
2-3 December 2005
Finance Ministers met with Ministers Fayyad and Olmert and the Quartet's Special Envoy, James Wolfensohn. Economic development of the West Bank and Gaza is an indispensable element of lasting peace in the region and all parties have a role to play. We welcome recent progress on access issues and encouraged the authorities to build the foundations for sustained economic growth in the Palestinian economy. We affirm our commitment to supporting the Palestinian Authority in the context of its medium-term development plan. The regional and international private sectors have a crucial role to play. This will be the focus of the Investors Conference to be held in London on 13th December. We will return to these issues at our next meeting.
Demonstrating the importance we attach to the continued fight against terrorist financing and financial crime, we are today publishing a progress report on actions taken this year in this area. Ministers welcome both the Financial Stability Forum's work on the codes and standards that underpin global financial markets and the process in relation to offshore centres established at its March meeting, and encourage swift progress on both. We encourage the international standard setting bodies to cooperate fully with these initiatives.