India and U.S. Co-Chair AML/CFT Dialogue

• 15 Dec 2023

On 13^th December, 2023, Revenue Secretary, Ministry of Finance, Government of India, and U.S. Treasury Under Secretary for Terrorism and Financial Intelligence, reconvened and co-chaired the India-U.S. Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Dialogue in New Delhi.

Key Points

• Strengthening Collective Efforts: The AML/CFT Dialogue serves as an effective platform for India and the United States to collaborate on addressing illicit finance risks across both countries and the international financial systems.
• Focus on Virtual Assets: Forum sessions explored experiences with virtual assets and service providers, emphasizing responsible innovation while mitigating illicit finance risks.
• Both parties acknowledged the urgency of global AML/CFT standards implementation for virtual assets, aligning with FATF Recommendations.
• Transparency in Beneficial Ownership: Discussions encompassed efforts to enhance transparency in beneficial ownership, including the implementation of registries, tools for data quality improvement, and verification of information.
• Challenges in Sanctions Implementation: Delegates addressed challenges in sanctions implementation, exploring opportunities for improved cooperation and information sharing to combat sanctions evasion and terrorist financing globally.
• Identified Areas for Collaboration: Delegations identified collaborative opportunities in AML/CFT, agreeing to reconvene the dialogue next year to build on productive discussions.
• Ongoing technical-level talks will continue to advance priorities and identify additional cooperation areas before the next dialogue.