India – U.S. Anti-Money Laundering Dialogue
Why in news ?
Recently India and the U S co-chaired the India-U.S. Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) Dialogue in New Delhi.
Focus on Accelerating Global AML/CFT Standards
Both parties acknowledged the “pressing need” to expedite the global implementation of AML/CFT standards for virtual assets in line with Financial Action Task Force (FATF) recommendations. The aim is to effectively address regulatory arbitrage, with a focus on responsible innovation while mitigating illicit finance risks.
Deliberations on Virtual Assets and Service Providers
Participants in the dialogue discussed their experiences with virtual assets and service providers, emphasizing responsible innovation while mitigating illicit finance risks. This dialogue occurred in the context of G20 leaders broadly endorsing a roadmap for dealing with crypto assets, incorporating tailor-made measures for emerging markets and developing economies.
Transparency in Beneficial Ownership
India and the US explored efforts to enhance transparency in beneficial ownership, including the implementation of beneficial ownership registries, tools to improve data quality, and verification of information. The statement highlights the importance of tracking the flow of funds and identifying those responsible for them to combat money laundering and financial crimes.
What are Financial crimes?
Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods such as drug trafficking, human trafficking, or terrorism.
Source – Indian Express
