"We will refocus our efforts and take action to cut off sources and channels of terrorist financing and the financing of violent extremism. We will employ targeted financial sanctions to disrupt their support networks, and we will strengthen G7 cooperation on these sanctions," the document says.
In addition, the leaders agreed to "pursue a collective approach to managing the risk posed by foreign fighters as they disperse from theaters of conflict."
"We, the Leaders of the G7, stand united in expressing our deepest sympathy and condolences to the families of the victims of the brutal terrorist act in Manchester in the United Kingdom," the G7 Taormina Statement on the Fight Against Terrorism and Violent Extremism says.
"We condemn in the strongest possible terms terrorism in all its forms and manifestations," the document says.
According to the statement, "countering terrorism and violent extremism, acts of which have struck G7 Members, as well as all regions of the world, regardless of country, nationality or belief, remains a major priority for the G7."