Following extensive research, a white paper entitled Global Standard-Setting Bodies and Financial Inclusion: The Evolving Landscape, was released as a consultation document during the November 2015 Antalya Summit of the G20 leaders.
Deakin Law School’s Professor Louis de Koker, a member of the international drafting team of the white paper, says that the paper informs ongoing work by global financial standard-setting bodies.
'The paper, produced by the G20’s Global Partnership for Financial Inclusion, informs the work of bodies such as the Basel Committee on Banking Supervision and the Financial Action Task Force. Their standards determine the shape of modern financial services laws in countries across the globe.
'The paper focuses on digital financial services, for example mobile phone banking, and the role they can play in reaching financially excluded and under-served customers in developing countries. The paper in particular supports the improved global cooperation and the integration of financial inclusion objectives into global standards and guidance,' he says.
Professor de Koker’s money laundering control and privacy research was particularly relevant to this paper. His involvement in the drafting team flows from his long-standing relationship with the Consultative Group to Assist the Poor.
Upon completion of the current phase of public consultation, the final document will be prepared for publication in March 2016, under the Chinese G20 presidency.