India, US to step up fight against money laundering

New Delhi, Dec 15, 2023

India and the US on Thursday recognised the pressing need to accelerate global implementation of anti-money laundering/countering the financing of terrorism standards for virtual assets, in line with the financial action task force (FATF) recommendations, to effectively address the issue of regulatory arbitrage.

The two countries met in the national capital and co-chaired the India-US anti-money laundering/countering the financing of terrorism (AML/CFT) dialogue.

The Indian side was led by revenue secretary Sanjay Malhotra, while US Treasury under secretary for terrorism and financial intelligence, Brian Nelson, represented the US.

The co-chairs reconvened the India-US AML/CFT dialogue as it is an effective forum for India and the US to share perspectives and best practices on how to strengthen the collective efforts of both the countries to address illicit finance risk across the two countries and the international financial systems. "In forum sessions, our participants discussed each country's experience with virtual assets and virtual asset service providers, given the focus area of both sides to promote responsible innovation, while mitigating illicit finance risks," according to a joint statement issued after the meeting.

[The Times of India]