US seeks help of international community for dismantling financial networks of terror

Steven Mnuchin testifies before a Senate Finance Committee confirmation hearing on his nomination to be Treasury secretary in Washington, U.S., January 19, 2017. REUTERS/Joshua Roberts
Vastavam web: The US has sought the help of the international community in particular multilateral financial institutions in targeting and dismantling financial networks of terrorist organisations.The United States, he said, welcomes the IMF’s important work providing technical assistance to member countries to strengthen their regulatory and supervisory frameworks with respect to anti-money laundering and countering the financing of terrorism.
“It is also imperative that the IMF be a leader in fighting corruption,” he said as the worlds finance ministers and governors of central banks gathered in the US Capital to attend the Spring Meeting of the IMF and the World Bank.”This should include strong analysis of member exchange rates and external imbalances in both the External Sector Report and in Article IV surveillance. The IMF should also identify specific policy adjustments at the country level to achieve substantially improved balance in the overall system,” he said.The US looks to the IMF to highlight where surplus countries can more forcefully contribute to support symmetric adjustment in pursuit of a fairer global system.
“Fair and transparent currency practices are also a critical part of ensuring that the benefits of trade are shared equitably. Countries should abide by their exchange rate commitments, including commitments to refrain from competitive devaluation, to not use monetary policies to target exchanges rates for competitive purposes and to consult closely on exchange rates,” Mnuchin said.The US economy, he said, continues to expand at a steady pace and forecasts suggest stronger growth this year and next.”In response, the administration is undertaking an ambitious policy agenda that includes tax reform, deregulation and infrastructure investment to sustainably raise US economic output and employment,” he said.”In tandem with our domestic reforms we will continue to promote an expansion of trade with those partners committed to market-based competition, while more rigorously defending ourselves against unfair trade practices,” the Finance Secretary said.