India and US forge closer ties in global fight against illicit finance
In a joint statement, the co-chairs said, 'Reconvening the India-US AML/CFT Dialogue reaffirms the commitment of India and the United States to work jointly to address illicit finance risk in the international financial system'
- Dec 14, 2023,
- Updated Dec 14, 2023 5:25 PM IST
India and US on Thursday hosted a joint dialogue on Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Dialogue, reaffirming their nations' commitment to combat illicit finance on a global scale. The dialogue was jointly chaired by Sanjay Malhotra, Revenue Secretary, and Brian Nelson, US Treasury Under Secretary for Terrorism and Financial Intelligence.
The dialogue served as a crucial platform for both countries to exchange perspectives and best practices in addressing the complex challenges posed by money laundering and terrorist financing.
Virtual assets and service providers were the key focus areas of the discussions, with a shared commitment to promoting responsible innovation while mitigating illicit finance risks in line with Financial Action Task Force (FATF) Recommendations.
Participating nations underscored the urgency of accelerating global implementation of AML/CFT standards for virtual assets, emphasising the need to combat regulatory arbitrage effectively. The dialogue also delved into efforts to enhance transparency in beneficial ownership, crucial for tracking fund flows and identifying responsible parties in the fight against financial crimes.
In a joint statement, the co-chairs expressed, "Reconvening the India-US AML/CFT Dialogue reaffirms the commitment of India and the United States to work jointly to address illicit finance risk in the international financial system."
Addressing current challenges in sanctions implementation, the delegations explored avenues for improved cooperation and information sharing to counter sanctions evasion and terrorist financing. The dialogue concluded with a commitment to reconvene next year, building on the productive discussions and fostering continued collaboration between India and the United States within the FATF framework.
India and US on Thursday hosted a joint dialogue on Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Dialogue, reaffirming their nations' commitment to combat illicit finance on a global scale. The dialogue was jointly chaired by Sanjay Malhotra, Revenue Secretary, and Brian Nelson, US Treasury Under Secretary for Terrorism and Financial Intelligence.
The dialogue served as a crucial platform for both countries to exchange perspectives and best practices in addressing the complex challenges posed by money laundering and terrorist financing.
Virtual assets and service providers were the key focus areas of the discussions, with a shared commitment to promoting responsible innovation while mitigating illicit finance risks in line with Financial Action Task Force (FATF) Recommendations.
Participating nations underscored the urgency of accelerating global implementation of AML/CFT standards for virtual assets, emphasising the need to combat regulatory arbitrage effectively. The dialogue also delved into efforts to enhance transparency in beneficial ownership, crucial for tracking fund flows and identifying responsible parties in the fight against financial crimes.
In a joint statement, the co-chairs expressed, "Reconvening the India-US AML/CFT Dialogue reaffirms the commitment of India and the United States to work jointly to address illicit finance risk in the international financial system."
Addressing current challenges in sanctions implementation, the delegations explored avenues for improved cooperation and information sharing to counter sanctions evasion and terrorist financing. The dialogue concluded with a commitment to reconvene next year, building on the productive discussions and fostering continued collaboration between India and the United States within the FATF framework.