India, U.S. to combat terror financing, says U.S. Assistant Treasury Secretary

Mumbai, July 28 (ANI): U.S. Assistant Treasury Secretary, Daniel L Glaser, has said that India and the United States would work together to curb the menace of global terror financing.

Speaking at the concluding session of a two-day U.S.-India Private Financial Sector Dialogue meet organised by the Confederation of Indian Industry and the U.S.-India Business Council in Mumbai on Wednesday, Glaser said: "Both India and the U.S. understand the importance of a strong international financial system and must look at new ways to expand access to the formal, or regulated, financial system through new payment technologies and financial service providers."

"But we are also mindful of the potential risks of money laundering and the financing of terrorism that comes with globalization, growth, and evolving technologies. Put at the disposal of groups espousing violent ideologies, these illicit finance threats can lead to deadly and tragic outcomes. It is the joint recognition of this fact that makes the U.S. and India natural allies in the fight against illicit finance," he added.

Glaser further said that exchanges like this would help increase private sector cooperation and overall effectiveness in combating terror financing, money laundering, and other economic crimes.

"Our cooperation on combating terrorism including terrorist financing networks is a critical part of our relationship. Your participation at this event enhances the strong partnerships being formed between the private financial sectors of India and the United States and complements our government-to-government engagement under the India-U.S. Economic and Financial Partnership (EFP), which was launched in April 2010," said Glaser.

"That's why it's important to participate in this Private Sector Dialogue and support the direct exchange of ideas and sharing of best practices between U.S. and Indian financial institutions," he added.

Glaser further said that India demonstrated its leadership in the Asia Pacific Group combating money laundering.

"India really does play an increasingly important role in combating terrorism and terrorist financing on the world stage again as I noted before, I think it is very important that in June 2010, India became a full member of the Financial Action Task Force, or FATF, as was just noted to premier international body dedicated to combating anti-money laundering and counter terrorist financing," said Glaser.

"As I noted, I am supposed to know that, as I have served as head of the US delegation to FATF. This has been a real pleasure and privilege to work with the Indian delegation. They have come in very enthusiastically and they have already shown great leadership," he added.

Glaser said it is important that India and U.S. are engaged in regular bilateral consultations and put efforts to protect and enhance the national security of both the countries.

He added that the reason behind the meeting was to promote increased U.S.-India cooperation on combating terror financing including through increased information sharing with respect to Lashkar-e-Toiba, Al-Qaida, Taliban, and other South Asia groups that endanger both India and the United States. (ANI)