WASHINGTON: Minister of Finance Nirmala Sitharaman and his American colleague Janet Yellen has discussed ways to improve bilateral cooperation in combating illegal finance, money laundering and terror financing and approving the importance of effective implementation of financial action assignments (FATF) standards.
The two officials held extensive discussions to improve bilateral cooperation during the aged Indian-United States economic and financial partnership meeting here on Thursday.
The meeting reflects the increasing importance of US-Indian relations and increasing economic and financial relations between the two economies.
The importance of fighting forbidden finance and the need for sustainable cooperation in handling money laundering and fighting terror funds is supported by Sitharaman and Yellen, the Ministry of Finance said in a tweet, because the two countries issued a detailed joint statement after the meeting.
“We continue to strengthen our cooperation in handling money laundering and fighting terrorism financing through increased sharing of information and coordination,” said a shared statement.
“Both parties agree to the importance of fighting financial crime and in the implementation of effective FATF standards to protect our financial system from harassment,” he added.
It assumes the importance of Paris-based global body against money laundering and terror financing in June defends Pakistan on the ‘gray list’ for failing to check money laundering, which leads to terror financing.
FATF asked Pakistan to investigate and demanded appointed terrorists appointed in this country such as the JAI-E-Mukhammed (JEM) Masood Azhar and Lashkar-e-Taiba (leave) the founder of Hafiz Saeed and also asked Islamabad to overcome his strategic strategic important deficiency.
During the first Indian-US economic and financial partnership meeting since the onset of Pandemi, the two countries also agreed to further talks on the financial sector that emerged such as cross-border payments, payment systems and the development of the International Financial Services Center