Union Finance Minister Nirmala Sitharaman and her American counterpart Janet Yellen on Thursday mentioned amongst different points combating illicit finance, cash laundering and combating terrorism financing.
The 2 dignitaries had a wide-ranging dialogue throughout the eighth India-USA Financial and Monetary Partnership assembly.
The significance of combating illicit finance and the necessity for continued cooperation in tackling cash laundering and combating the fear funding was underpinned by Ms Sitharaman and Ms Yellen, the Finance Ministry mentioned in a tweet, as the 2 international locations issued an in depth joint assertion after the assembly.
“We continue to strengthen our cooperation in tackling money laundering and combating the financing of terrorism through increased information sharing and coordination,” mentioned the joint assertion.
Union Finance Minister Smt. @nsitharaman and the US Treasury Secretary Ms @SecYellen met at this time at Washington D.C. for the eighth ministerial assembly of the India-USA Financial and Monetary Partnership (eighth India-US EFP). (1/6) pic.twitter.com/8UB8kaP5fl
— Ministry of Finance (@FinMinIndia) October 14, 2021
“Both sides agree on the importance of fighting financial crimes and on the effective implementation of the Financial Action Task Force standards to protect our financial systems from abuse,” it added.
Through the first India-US Financial and Monetary Partnership assembly for the reason that onset of the COVID-19 pandemic, the 2 international locations additionally agreed on additional engagements on rising monetary sectors similar to cross-border funds, fee techniques and the event of an Worldwide Monetary Providers Centre.
Ms Sitharaman and Ms Yellen have been additionally joined by Federal Reserve Chair Jerome Powell and Reserve Financial institution of India Governor Shaktikanta Das, throughout the assembly.
Ms Sitharaman and Ms Yellen affirmed their dedication to proceed engagement each bilaterally and multilaterally to deal with international financial points.
“During the ministerial meeting, we took stock of the extensive efforts that have already been undertaken by both sides to deepen mutual understanding and highlighted new elements of the vital bilateral relationship,” the joint assertion mentioned.
“We had productive discussions on a range of subjects, including the macroeconomic outlook and recovery from the pandemic, financial regulatory and technical collaboration, multilateral engagement, climate finance, and anti-money laundering and combating the financing of terrorism (AML/CFT),” it mentioned
The 2 leaders acknowledged the unprecedented impression that the COVID-19 disaster has had on lives and livelihoods.
“We also addressed the importance of maintaining supportive policies until a strong and inclusive recovery is firmly entrenched,” it mentioned.
In line with the Joint Assertion, the assembly featured the Financial and Monetary Partnership’s first session devoted to local weather finance, reflecting their respective commitments to driving pressing progress in combating local weather change and the essential function of local weather finance in reaching this shared international objective.
“We shared views on the re-energized global efforts to increase climate ambition as well as our respective domestic efforts to meet our publicly expressed climate goals,” the assertion mentioned.
“We agreed that public finance, when paired with enabling policies, can promote private finance,” it added.
The 2 international locations reaffirmed the collective developed nation objective to mobilise USD100 billion yearly for growing international locations from private and non-private sources, within the context of significant mitigation actions and transparency on implementation.
“We intend to engage further on addressing climate change between our two ministries, as well as through the Finance Mobilization pillar of the recently launched Climate Action and Finance Mobilization Dialogue (CAFMD) under the US-India Climate and Clean Energy Agenda 2030 Partnership,” it mentioned.
Reemphasizing their dedication to the central function of multilateral cooperation in addressing international challenges, each side affirmed their dedication to debt sustainability and transparency in bilateral lending.
Acknowledging the significance of working by multilateral improvement banks to assist India entry and mobilise accessible funds to help improvement goals, together with for local weather, the 2 leaders welcomed the OECD/G20 Inclusive Framework political settlement on October 8 as representing a major accomplishment for updating the worldwide tax structure to replicate the fashionable financial system and set up a world tax system that’s extra steady, fairer, and match for goal for the twenty first century.
“We take note of the progress made in sharing financial account information between the two countries under the Inter-Governmental Agreement under the Foreign Account Tax Compliance Act (FATCA),” it mentioned.
“The two sides should continue to engage in discussions on the full reciprocal arrangement on FATCA. The two sides look forward to continued collaboration for increased cooperation in sharing of information for tackling offshore tax evasion,” the assertion added.
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