India, US co-chair AML/CFT Dialogue, agree to improve cooperation against money laundering, terror financing
New Delhi [India], December 15: India and the United States co-chaired the US-India Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Dialogue, emphasizing the need for enhanced cooperation and information sharing.
The dialogue, held in New Delhi on Wednesday, was co-chaired by US Treasury Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, and India’s Revenue Secretary, Ministry of Finance, Sanjay Malhotra.
The joint statement issued by both countries highlighted the effectiveness of the India-US AML/CFT Dialogue as a platform for sharing perspectives and best practices to strengthen collective efforts in addressing illicit finance risks both domestically and internationally.
During the sessions, discussions revolved around virtual assets and service providers, focusing on responsible innovation and mitigating illicit finance risks. Recognizing the urgency, both parties emphasized the importance of expediting global implementation of AML/CFT standards for virtual assets in line with the Financial Action Task Force (FATF) recommendations.
Transparency in beneficial ownership was another crucial aspect discussed during the dialogue. The implementation of beneficial ownership registries, data quality improvement tools, and verification mechanisms were identified as essential tools in combating money laundering and tracking the flow of funds.
India and the US also deliberated on the challenges faced in sanction implementation and identified opportunities to enhance cooperation and information sharing for countering terrorist financing and sanction evasion, both regionally and globally.
The joint statement highlighted the commitment of both countries to work collaboratively within the FATF and pursue bilateral and multilateral coordination and cooperation. They further agreed to convene the dialogue again in the coming year, building on the productive discussions held during this session.
The US-India AML/CFT Dialogue reaffirms the commitment of both nations to combat illicit finance risks and strengthen the international financial system.
This partnership aims to foster cooperation, share experiences, and implement best practices in AML/CFT measures. By addressing money laundering and countering the financing of terrorism, India and the US are taking significant steps to ensure the integrity of global financial systems and promote a safer and more secure world.
