T20 Task Force 8 Announces International Financial Architecture Completion

The Task Force 8 (TF8) of the Think 20 Group (T20), emanating from the G20, announced the completion of the International Financial Architecture that aims to manage financial stability in developed and developing countries.

TF8 is chaired by Nabil Al-Mubarak, a member of the Asbar Forum team that participates in the work of the T20. TF8 work focuses on policy actions related to global financial management.

Task Force 8 work is based on achieving several priorities, most notably is risk and crisis management in the flow of capital and international institutions, encouraging the advancement of the inclusive financial sector in emerging and developing economies, regulating cryptocurrency and financial technology and their effects on the international monetary system, as well as global financial control over money laundering and terrorism financing.

The priorities also include the efficiency of financial institutions and the role of Islamic finance.

The overall policy of TF8 is expanding the global financial safety net, setting monetary policy strategies, studying the need of major technology companies for a global and comprehensive regulatory framework, in addition to monitoring countries' commitment to confront illicit financial flows.

It is noteworthy that the Asbar Forum team in the T20 presented, along with the TF8, three important papers that will be submitted to the G20 summit.

The first is entitled : “Strengthening the Agreement on Children's Rights: Governance of the digital world for children.”

The second paper came under the title: "A Comprehensive Approach to Face Global Challenges through Coordination", while the third paper is entitled: "Diversity in the Time of a Global Pandemic: Lessons learned and the way forward". — SPA