Govt signs MoUs with three countries to fight terror financing
India has entered into a pact with three major economies -- Russia, Malaysia and Brazil -- to ensure mutual flow of information pertaining to money laundering and terror funding.delhi Updated: Jan 03, 2010 15:46 IST
India has entered into a pact with three major economies -- Russia, Malaysia and Brazil -- to ensure mutual flow of information pertaining to money laundering and terror funding.
Negotiations to sign Memoranda of Understanding (MoUs) with more than 30 other countries is under process for enhancing international cooperation in fighting illegal routing of money for terror and hawala-like operations, a senior Finance Ministry official said.
India has also signed similar MoUs with Mauritius and the Philippines in 2008.
The MoUs will enable the country's Financial Intelligence Unit (FIU) -- a government agency to investigate and disseminate information between financial and law enforcement agencies for identification of suspicious money laundering --to share information with foreign FIUs whenever considered necessary and reciprocally obtain information from them on money laundering activities, the official said.
This year, India received 69 requests of information from foreign financial intelligence units while it sent 17 such requests to other countries.
The government has also established Joint Working Groups (JWG) -- comprising senior officials from enforcement agencies -- with a number of countries like the US, Germany, the UK and Russia on various operational issues relating to terrorism and other crimes including money laundering and drug trafficking.
A joint meeting was held with Russia this year in this regard, the official added.