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 Barbarians vs Samoa interrupted by sprinklers as fans criticise lack of Wi-Fi and poor seating at West Ham's Olympic Stadium
- 2 Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
- 3 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 4 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...