{"id":543,"date":"2023-05-13T23:04:16","date_gmt":"2023-05-14T04:04:16","guid":{"rendered":"https:\/\/enjoyingthisjourney.com\/g7-finance-ministers-and-central-banks-governors-express-concerns-over-iran-and-north-koreas-activities-and-discuss-transfer-of-seized-russian-assets\/"},"modified":"2023-05-13T23:04:16","modified_gmt":"2023-05-14T04:04:16","slug":"g7-finance-ministers-and-central-banks-governors-express-concerns-over-iran-and-north-koreas-activities-and-discuss-transfer-of-seized-russian-assets","status":"publish","type":"post","link":"https:\/\/enjoyingthisjourney.com\/g7-finance-ministers-and-central-banks-governors-express-concerns-over-iran-and-north-koreas-activities-and-discuss-transfer-of-seized-russian-assets\/","title":{"rendered":"G7 Finance Ministers and Central Banks’ Governors Express Concerns Over Iran and North Korea’s Activities and Discuss Transfer of Seized Russian Assets"},"content":{"rendered":"

The Group of Seven (G7) Finance Ministers and Central Banks\u2019 Governors have expressed concern over the risks posed by Iran and North Korea. Specifically, the officials meeting in Japan have warned about North Korea and its \u201cillicit activities\u201d related to \u201cproliferation of weapons of mass destruction\u201d and recent ballistic missile launches.[0]<\/a><\/sup> The G7 also voiced its worries over \u201cillicit financing risk emanating from Iran\u201d in a joint statement published after their meeting in Niigata, Japan. The G7 pledged to fully support the international watchdog, the Financial Action Task Force (FATF), for monitoring global compliance.<\/p>\n

The joint statement also mentioned the G7\u2019s support for the FATF\u2019s decision to suspend Russia\u2019s membership this year, given Moscow\u2019s \u201cirresponsible nuclear rhetoric\u201d.[0]<\/a><\/sup> Furthermore, the group is discussing ways of transferring the Russian assets seized following the invasion of Ukraine by Moscow, with legal complexities and domestic restrictions making it difficult to do the transfers.<\/p>\n

The G7 comprises of the world\u2019s seven largest advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The group aims to coordinate economic policies and initiatives to achieve global economic stability and sustainable growth. <\/p>\n

The G7 finance ministers and central bankers met in Niigata, Japan from May 11-13, 2023, to discuss a range of economic issues and challenges faced by the global economy.[1]<\/a><\/sup> In addition to Iran and North Korea, the officials also talked about the impact of artificial intelligence, cybersecurity, and climate change on the global financial system.<\/p>\n

The discussions on North Korea come amid heightened tensions on the Korean Peninsula, with Pyongyang conducting a series of ballistic missile tests. The G7\u2019s strong warning about North Korea\u2019s \u201cillicit activities\u201d related to \u201cproliferation of weapons of mass destruction\u201d highlights the international community\u2019s concerns about the regime\u2019s nuclear and missile programs. <\/p>\n

The G7\u2019s concerns over Iran\u2019s financing risks relate to the country\u2019s support for terrorist groups and its nuclear program. The FATF, an international organization that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system, has been monitoring Iran\u2019s compliance with its recommendations.<\/p>\n

The G7\u2019s discussions on transferring Russian assets seized following the invasion of Ukraine by Moscow reflect the ongoing tensions between Russia and Ukraine. The legal complexities and domestic restrictions, however, make it difficult to transfer the assets to Ukraine.[2]<\/a><\/sup><\/p>\n

Overall, the G7\u2019s joint statement highlights the challenges facing the global economy and the need for international cooperation and coordination to address them. The group\u2019s concerns over Iran and North Korea\u2019s activities, as well as its discussions on transferring Russian assets, demonstrate the importance of addressing geopolitical risks to achieve global economic stability and sustainable growth.<\/p>\n

0. <\/span>“Iran News in Brief \u2013 May 13, 2023 – NCRI” National Council of Resistance of Iran (NCRI), 13 May. 2023, https:\/\/www.ncr-iran.org\/en\/news\/iran-news-in-brief-news\/iran-news-in-brief-may-13-2023<\/a><\/p>\n

1. <\/span>“G7 to draw up plans for a more robust response to bank runs (like Silicon Valley Bank)” ForexLive, 8 May. 2023, https:\/\/www.forexlive.com\/centralbank\/g7-to-draw-up-plans-for-a-more-robust-response-to-bank-runs-like-silicon-valley-bank-20230508<\/a><\/p>\n

2. <\/span>“Transfer of Russian assets in focus at G7 finance ministers meeting” The Japan Times, 12 May. 2023, https:\/\/www.japantimes.co.jp\/news\/2023\/05\/12\/business\/g7-russian-assets-transfer-difficulties<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Group of Seven (G7) Finance Ministers and Central Banks\u2019 Governors have expressed concern over the risks posed by Iran and North Korea. Specifically, the officials meeting in Japan have warned about North Korea and its \u201cillicit activities\u201d related to \u201cproliferation of weapons of mass destruction\u201d and recent ballistic missile launches.[0] The G7 also voiced […]<\/p>\n","protected":false},"author":2,"featured_media":542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/543"}],"collection":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/comments?post=543"}],"version-history":[{"count":1,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/543\/revisions"}],"predecessor-version":[{"id":544,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/posts\/543\/revisions\/544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/media\/542"}],"wp:attachment":[{"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/media?parent=543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/categories?post=543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enjoyingthisjourney.com\/wp-json\/wp\/v2\/tags?post=543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}