G-7 nations vow to target terrorists' finances

WASHINGTON (CNN) -- The United States' wealthiest allies agreed Tuesday to "block the assets of terrorists and their associates," a move that follows President Bush's executive order freezing U.S. assets of such people.

"We will integrate these action plans and pursue a comprehensive strategy to disrupt terrorist funding around the world," read a statement released by G-7 finance ministers.

The finance ministers for the nations -- the United States, Japan, Germany, Britain, France, Italy and Canada -- said they would meet in the United States in early October to review "economic developments" and their strategy in targeting terrorists' funds.

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The ministers said they would "ensure that no stone goes unturned in our mutual efforts to wage a successful global campaign against the financing of terrorism."

The statement followed a conference call among the finance ministers, including U.S. Treasury Secretary Paul O'Neill.

On Monday, Bush signed an executive order that freezes U.S. assets of people and groups that support terrorism.

Bush said the order immediately freezes the assets and prohibits transactions with 27 different entities, including individuals, corporations and groups.

"We will starve the terrorists of funding," Bush said.