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Europe

G-7 commits to step up controls on terrorist financing

Associated Press
Published | Updated
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    Japanese Finance Minister Taro Aso, left, speaks next to Bank of Japan Gov. Haruhiko Kuroda, right, during a press conference after a meeting of finance ministers and heads of central banks of the Group of Seven in in Akiu, northern Japan, Saturday, May 21, 2016. The G7 major economies showed a united front on fighting terrorist financing and tax evasion in talks that ended Saturday, but shied away from coordinated action on policies to revive stalling growth. Yohei Kanezashi/Kyodo News via AP) JAPAN OUT, MANDATORY CREDIT (The Associated Press)

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    Japanese Finance Minister Taro Aso, left, speaks next to Bank of Japan Gov. Haruhiko Kuroda, right, during a press conference after a meeting of finance ministers and heads of central banks of the Group of Seven in in Akiu, northern Japan, Saturday, May 21, 2016. The G7 major economies showed a united front on fighting terrorist financing and tax evasion in talks that ended Saturday, but shied away from coordinated action on policies to revive stalling growth. (Yohei Kanezashi/Kyodo News via AP) JAPAN OUT, MANDATORY CREDIT (The Associated Press)

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    Japanese Finance Minister Taro Aso, center, looks at a reporter raising his hand for questions during a press conference after a meeting of finance ministers and heads of central banks of the Group of Seven in in Akiu, northern Japan, Saturday, May 21, 2016. The G7 major economies showed a united front on fighting terrorist financing and tax evasion in talks that ended Saturday, but shied away from coordinated action on policies to revive stalling growth. At right is Bank of Japan Gov. Haruhiko Kuroda. (Yohei Kanezashi/Kyodo News via AP) JAPAN OUT, MANDATORY CREDIT (The Associated Press)

AKIU, Japan – The Group of Seven major economies have agreed to more aggressive action to fight financing of terrorism.

Finance leaders of the G7 said Saturday following talks in northern Japan that they would increase exchanges of information on financial intelligence, reduce the level of cross-border transactions subject to disclosure and collaborate on targeted sanctions for terrorists' financial networks.

The announcement followed two days of talks ahead of a G7 summit to be held in central Japan's Ise region next week.

The officials spent Friday discussing ways to use monetary policy, government spending and longer-term reforms to help support growth.