Date
30 March 2017
Finance ministers and central bank chiefs from G20 nations pose for a group picture after a summit in Shanghai earlier this year. Photo: Reuters
Finance ministers and central bank chiefs from G20 nations pose for a group picture after a summit in Shanghai earlier this year. Photo: Reuters

China said to have suspended G20 anti-corruption task force

China suspended an international anti-corruption task force earlier this year after taking over the G20 presidency, Reuters reported, citing sources.

The so-called “Business 20″ Anti-Corruption Taskforce, comprising businesses and civil society groups, had been drawing up G20 policies for increasing transparency of offshore financial structures, among other work.

But the body was scrapped in late January because Chinese companies declined to participate, sources were quoted as saying.

The B20, the G20′s business outreach arm, and its various task forces are by convention led by companies from the nation holding the presidency.

The state-run China Council for the Promotion of International Trade, this year’s head of the B20, did not provide an explanation for suspending the anti-corruption task force, the report said.

But three people who had worked on the task force, who represented international, US and European institutions, told Reuters that the trade group could not persuade a Chinese company to take on the role of leading the task force.

“It’s a disappointing indictment on the environment in China that no company was willing to step forward,” a source said.

“This is a critical agenda and we had built up momentum, and this decision has taken the wind out of the sails.”

China’s move is seen as a setback to global efforts to crack down on shell companies used to conceal assets.

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FL/RC

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