India and the United States have reaffirmed their commitment to working together to combat global illicit finance risks

Description

The United States and India have reaffirmed their commitment to working together to combat global illicit money issues. The joint statement comes after the India-US Anti-Money Laundering/Countering Terrorism Financing Dialogue, which was co-chaired by India's Revenue Secretary Sanjay Malhotra and US Treasury Under-Secretary for Terrorism and Financial Intelligence Brian Nelson.

Focus On Accelerating Global AML/CFT Standards

Both parties agreed that there is a "critical need" to accelerate global adoption of AML/CFT standards for virtual assets in accordance with Financial Action Task Force (FATF) guidelines. The goal is to successfully combat regulatory arbitrage while focusing on responsible innovation and avoiding the hazards of illicit finance.

Deliberations on Virtual Assets And Service Providers

Participants in the debate shared their experiences with virtual assets and service providers, highlighting the importance of responsible innovation while limiting the hazards of illicit finance. This discussion took place in the context of G20 leaders broadly approving a plan for dealing with cryptocurrency assets, which includes tailored measures for emerging markets and developing economies.

Transparency In Beneficial Ownership

India and the United States investigated measures to promote openness in beneficial ownership, such as the establishment of beneficial ownership registries, methods to improve data quality, and information verification. To combat money laundering and financial crimes, the statement emphasizes the significance of tracking the movement of cash and identifying those guilty.

Difficulties In Enforcing Sanctions

The difficulties that each jurisdiction faces in executing sanctions were also discussed. Both delegations recognized critical areas for future bilateral collaboration in AML and counter-terrorism finance. The commitment includes resuming the dialogue next year to build on previous progress and continuing technical-level discussions to promote agreed aims.

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