NEW DELHI: India and the US on Thursday recognized the pressing need to accelerate the global implementation of anti-money laundering/counter terrorist financing standards for virtual assets, in line with the Financial Action Task Force (FATF) recommendations, to effectively address the issue of regulatory arbitration.
The two countries met in the national capital and co-chaired the India-US dialogue on money laundering/combating the financing of terrorism (AML/CFT). The Indian side was led by Revenue Secretary Sanjay Malhotra, while US Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson represented the US.
The Co-Chairs reconvened the India-US AML/CFT Dialogue as it is an effective forum for India and the US to share perspectives and best practices on how to strengthen both countries' collective efforts to address risk of illicit financing in both countries. and international financial systems. “In the forum sessions, our participants discussed each country's experience with virtual assets and virtual asset service providers, given both sides' area of ​​focus to promote responsible innovation while mitigating illicit financial risks. ,” according to a joint statement issued after the meeting.



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