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New Delhi: India and Qatar on Tuesday discussed strengthening cooperation in combating money laundering and terrorism financing, focusing on advanced IT systems, strategic partnerships and the role of virtual digital assets, according to the Finance Ministry.
nine-member delegation
A nine-member Qatari delegation led by Sheikh Ahmed Al Thani, head of the Financial Intelligence Unit (FIU) Qatar, met FIU-India chief Vivek Aggarwal to review existing practices and explore areas of cooperation.
The discussion included the use of advanced IT systems like India’s Financial Intelligence Network (FINNET) 2.0 and innovative initiatives like FIU-India Public-Private Partnership (FPAC) and FIU-India Public-Private Partnership (ARIFAC) for Anti-Money Laundering and Countering Anti-Money Laundering. . “Countering Financing of Terrorism (AML/CFT),” the ministry said.
“The meeting was enriching for both sides as they discussed various areas like IT systems used by the respective jurisdictions, Public-Private Partnership Initiative of FIU-IND (FPAC), Public-Private Partnership for Alliance of Reporting Entities and “India for AML/CFT (ARIFAC), strategic analysis and various tools used by the two FIUs as well as the FIU in the areas of Virtual Digital Asset Service Providers (VDA-SP),” the statement said. -IND’s experience.
India and Qatar have partnered to fight money laundering and terrorism financing through cooperation between their Financial Intelligence Units (FIUs).
In September, global terror financing watchdog the Financial Action Task Force (FATF) placed India in the “regular follow-up” category, a distinction now shared with only three other G20 countries – the UK, France and Italy.
FATF said India has achieved a high level of technical compliance across the spectrum of the agency’s recommendations while taking significant steps to implement measures to combat illicit finance.
However, the Paris-headquartered body set up by the G7 said India needs to address the pending money laundering cases pending the conclusion of court processes.
“FIU-Qatar and FIU-IND (India) have cooperated for years through informal information exchange on crimes related to money laundering and terrorist financing,” the ministry statement said.
“Both FIUs are members of the Egmont Group and FATF and are actively associated with various initiatives taken by these international organisations,” it added.
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