US and India Co-Chair Anti-Money Laundering/Counter Terrorist Financing Dialogue

December 15, 2023

The US-India Dialogue on Anti-money Laundering (AML) & Counter Terrorist Financing (CFT) was reconvened and co-chaired by Mr. Brian Nelson, U.S. Treasury Under Secretary for Terrorism and Financial Intelligence, and Sh. Sanjay Malhotra, Revenue Secretary of the Indian Ministry of Finance. The Ministry of Finance held the dialogue in New Delhi on December 13.

Through the dialogue, the co-chair leaders established a platform for sharing perspectives and best practices to build collaborative efforts against illicit finance risks in both countries and the international financial systems, as per press release by the US Department of Treasury

Key Takeaways from the Joint Dialogue

The participants discussed the experience of each country with virtual assets and virtual asset service providers, reflecting the shared goal of promoting responsible innovation while addressing illicit finance risks. Both entities recognized the urgent need to expedite the worldwide enforcement of AML/CFT for virtual assets aligning with Financial Action Task Force (FATF) Recommendations, to address regulatory evasion concerns.

The participants focused on the strategies implemented by each country to enhance transparency in beneficial ownership, involving establishing registries, using tools to improve data quality, and the information verification process.

While concluding the event the participants also talked about the existing hurdles encountered by each jurisdiction while implementing sanctions. Additionally, they also highlighted opportunities to enhance cooperation and exchange information, to address sanctions evasion and terrorist financing at regional as well as global scale.

The delegations agreed to convene the dialogue in the coming year to build discussions that took place this week and to enhance bilateral and multilateral coordination while working within the FATF framework.

Also read: Why US Treasury Initiate Strike Force to combat illicit fentanyl trafficking?