India, Israel to share intelligence to tackle money laundering
India's Financial Intelligence Unit (FIU-Ind) and Israel Money Laundering and Terror financing Prohibition Authority (IMPA) have signed letters of intent to share intelligence to tackle the menace of money laundering.world Updated: Jul 26, 2011 19:03 IST
India's Financial Intelligence Unit (FIU-Ind) and Israel Money Laundering and Terror financing Prohibition Authority (IMPA) have signed letters of intent to share intelligence to tackle the menace of money laundering.
The letters of intent provide for collaboration and sharing of intelligence between the parties to improve their intelligence and enforcement capabilities.
It was signed this month between FIU-India's director, Praveen Kumar Tiwari and IMPA's security manager and administrator, Rachel Zaliach in Yeravan, Armenia, Israel's justice ministry spokesman said.
"It is an important step in further strengthening cooperation between the two countries", the spokesman said.
IMPA had recently signed such agreements also with financial intelligence units of United States and Albania, the ministry said.
"This is another important step in expanding international cooperation between national money laundering agencies, which is expected to strengthen financial enforcement in Israel and other countries," the director general of ministry of justice, Guy Rotkopf, said.
The agreements were signed following a conference in Germany of the Egmont Group of Financial Intelligence Units, an organisation represented by FIU's of 127 countries.
IMPA has similar agreements with many other countries, including, Australia, Angola, Argentina, Belgium, Canada, Croatia, Cyprus, Denmark, Finland, Georgia, Luxembourg, Romania, Russia, and South Africa.
At the Egmont conference, IMPA entered into an understanding with many international bodies including the US financial intelligence unit with the objective of creating global standards for financial information security.