Brown promises IMF crackdown on hedge funds
Wednesday 29 September 1999
"In time it can become a world early-warning system for regional and global financial market risk," the UK Chancellor said. The new forum held its first meeting earlier this year.
Mr Brown added: "Claims of corruption and money laundering raise important issues for the credibility and effectiveness of IMF programmes."
He urged the IMF to review its safeguards and give more assistance to member countries on regulating offshore banking. The IMF has been criticised for the possibility that its massive loans to Russia could be misused, although an independent audit has not yet found evidence for this.
The new investigation will have a dual purpose; controlling a source of potential financial instability in the hot money flowing in and out of offshore centres, and tackling money laundering more effectively.
Speaking in his new IMF role as chairman of its steering committee, the Chancellor said there was no room for complacency even though the world economy and financial markets had stabilised and expectations of a recovery in 2000 had strengthened. He said important reforms agreed in the wake of the crisis in 1997 and last year must now be implemented.
These reforms include new codes of conduct for governments on fiscal and monetary policy and stricter requirements for transparency and economic surveillance.
The IMF now publishes its annual Article IV assessments of member economies which agree to it, and has started a pilot project publishing the full background reports for, initially, 46 countries. The number of countries agreeing to this scrutiny is expected to grow rapidly.
Speaking as the UK representative at the IMF meeting, Mr Brown said November's Pre-Budget Report would focus on the next stage of reforms to the jobs market, and to markets for goods and finance.
He repeated that UK growth could be at the upper end of his forecasts, but said this depended on sticking to the monetary and fiscal policy frameworks and responsible pay bargaining.
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 The black and blue dress: Makers considering a white and gold version
- 3 This is what it's like to be dead, according to a guy who died for a bit
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
Boris Nemtsov shot dead: Putin critic may have been murdered by Islamic extremists, says president-led committee
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...