This is a G7 declaration where participants discussed the importance of tackling illicit financial flows and terrorist financing and committed to fully and effectively implement the FATF standards, including on designated non-financial businesses and professions. The G7 was set up in 1975 to help coordinate macroeconomic policy initiatives in response to the ending of fixed foreign exchange rates in 1971, the 1970s energy crisis and the ensuing recession.The goal was to fine tune short term economic policies among the G7 countries and to monitor developments in the
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