The annual meeting of the G20—the leaders of the world’s 19 wealthiest nations plus the European Union– met virtually. this year the host was , Saudi Arabia.

                  The G20 leaders also expressed support for the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT) policy responses detailed in the FATF’s paper on COVID-19, and reaffirmed their support for the Financial Action Task Force (FATF) as the global standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing.

The countries offer  debt relief to developing nations and a commitment to ensuring equitable access to coronavirus treatments.India will host the summit of the high-profile grouping in 2023.

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G-20

Founded in 1999 to give developing countries a more powerful voice in the global economy, the summit brings together industrialised and emerging economies.

The group makes up 85 per cent of the world’s GDP and two-thirds of its population. When it was first started, only finance ministers and central bank governors met at G20 summits. But a meeting was held between heads of state after the Lehman Brothers crash in 2008, which led to a global recession. There has been a yearly meeting between G20 country leaders since.

G20 member countries include the US, UK, Germany, India, Australia, Japan, Russia, Argentina, Brazil, Canada, China, France, Indonesia, Italy, South Korea, Mexico, Saudi Arabia, South Africa and Turkey and EU.