G-7 commits to step up controls on terrorist financing

AKIU, Japan (AP) — The Group of Seven major economies agreed Saturday to more aggressive action to fight financing of terrorism and violent extremism that are a threat to global stability.

Finance leaders of the G7 issued an "action plan" following talks in northern Japan calling for increased exchanges of information on financial intelligence, reducing the level of cross-border transactions subject to disclosure and collaborate on targeted sanctions for terrorists' financial networks.

Having agreed to only tacit coordination of their varying strategies for boosting growth, the G7 finance meeting turned Saturday to issues such as terrorist financing, tax evasion and support for fighting pandemics.

Most of the governments of the G-7 favor more pro-active government spending to help support flagging growth, while Germany has remained more conservative on fiscal matters, regarding structural reforms as crucial.

A recent rise in the value of the Japanese yen against the U.S. dollar is adding to pressures on Japanese companies who had reaped record profits as the yen weakened in recent years, fattening earnings brought back to Japan in yen terms.