New Delhi: India and Qatar on Tuesday held discussions to strengthen cooperation in combating cash laundering and terrorism financing, specializing in superior IT techniques, strategic partnerships, and the function of digital digital belongings, in accordance with the ministry of finance.
9-member delegation
A nine-member Qatari delegation, led by Sheikh Ahmed Al Thani, head of Monetary Intelligence Unit (FIU) Qatar, met with Vivek Aggarwal, head of FIU-India, to evaluate present practices and discover areas for collaboration.
The discussions included using superior IT techniques, equivalent to India’s Monetary Intelligence Community (FINNET) 2.0, and revolutionary initiatives like FIU-India’s Public-Personal Partnership (FPAC) and Personal-Personal Partnership (ARIFAC) for Anti-Cash Laundering and Countering Financing of Terrorism (AML/CFT), the ministry mentioned.
“The assembly was enriching for each side as they mentioned and touched upon numerous areas such because the IT techniques utilized by respective jurisdiction, the Public-Personal Partnership initiative of FIU-IND (FPAC), Personal-Personal Partnership for Alliance of Reporting Entities in India For AML/CFT (ARIFAC), strategic evaluation and numerous instruments utilized by the 2 FIUs in addition to FIU-IND’s expertise in areas of digital digital belongings service suppliers (VDA-SPs),” the assertion added.
India and Qatar have partnered to combat cash laundering and terrorism financing via collaborations between their Monetary Intelligence Models (FIUs).
In September, World terror financing international watchdog Monetary Motion Process Power (FATF) positioned India within the “common follow-up” class, a distinction it now shares with solely three different G20 international locations—the UK, France and Italy.
FATF mentioned India has achieved a excessive degree of technical compliance throughout the company’s spectrum of suggestions whereas taking vital steps to implement measures to sort out illicit finance.
Nevertheless, the Paris-headquartered physique, based by the G7, mentioned India wants to handle a backlog in cash laundering instances pending the conclusion of court docket processes.
“FIU-Qatar and FIU-IND (India) have cooperated through the years, via the casual info trade on offences associated to cash laundering, and financing of terrorism,” the ministry assertion mentioned.
“Each the FIUs are members of Egmont Group and FATF and have been actively related to numerous initiatives taken by these worldwide organisations,” it added.
