The G7 released a special statement on financial crime, promising to re-double its efforts from the last 12 months on ending financial crime, in particular terrorist financing and international money laundering involving transnational criminal organizations. Every year there is a commitment to these goals but this time,Â the G7 has promised to turn their statements “into action” and to commence working with the private sector in these initiatives.
The G7 recognized the weaknesses in security of aviation infrastructure (arising from the privatization of airports that pose an international security risk because they are operated by fund asset managers without expertise in aviation or international security), and of aviation operators and called on companies and countries to improve security in aviation.
The commitment to require the improvement of aviation safety and those who own and manage the infrastructure,Â is mentioned in reference to the G7 commitment to enforce the UN Convention Against Transnational Organized Crime (UNTOC) once again. The aviation industry acts, or is supposed to act, as a gatekeeper to stop transnational organized crime from using the aviation system for the movement of illegal goods and proceeds of crime. The UNTOC was implemented to deny safe haven to people who engage in transnational organized crime by prosecuting those crime where they occur, including money laundering and corruption criminal activities.
The majority of the G7 statement was in respect of a renewed commitment to also address counter terrorist financing and in addition, to require social media companies to adopt a responsible approach to publishing by stopping the publication of terrorist propaganda and material online.