Brian E. Nelson, the US Under Secretary of the Treasury for Terrorism and Financial Intelligence, is set to visit Delhi and Mumbai this week from December 11 to 15. The focus of his visit is to collaborate with Indian officials on combatting illicit finance, anti-money laundering (AML), and countering terrorism financing (CFT) issues.
In Delhi, discussions will revolve around fortifying the global financial system against misuse by illicit entities, targeting sanctions evasion, disrupting terrorist financing, and preventing abuse of the financial system by such groups. Nelson will lead the US-India AML/CFT Working Group, covering themes like virtual assets, sanctions compliance, financial inclusion, and beneficial ownership.
Gathering insights before the US beneficial ownership registry's launch on January 1, 2024, Nelson aims to learn from India's experiences operating a domestic registry for six years. In Mumbai, discussions with the private sector will encompass enforcing sanctions on Russia and managing illicit finance risks, along with implementing India’s beneficial ownership laws.
Key Points:
1. Brian E. Nelson, the US Under Secretary of the Treasury for Terrorism and Financial Intelligence, is set to visit Delhi and Mumbai from December 11 to 15 to strengthen collaboration with India on combating illicit finance, anti-money laundering (AML), and countering terrorism financing (CFT) issues.
2. In Delhi, Nelson will engage with government officials to reinforce the Treasury's commitment towards safeguarding the global financial system from misuse by illicit entities.
3. Discussions will revolve around joint efforts to combat sanctions evasion and thwart terrorist financing activities by disrupting their access to international financial networks for funding purposes.
4. Nelson will preside over a meeting of the US-India AML/CFT Working Group, focusing on virtual assets, sanctions implementation, financial inclusion, and beneficial ownership practices.
5. Ahead of the US beneficial ownership registry's launch on January 1, 2024, Nelson aims to glean insights from Indian counterparts based on their six-year experience in establishing and operating their domestic registry.
6. In Mumbai, meetings with the private sector are scheduled to address Treasury's efforts in enforcing sanctions against Russia for its actions in Ukraine, including discussions on the price cap imposed on Russian oil.
7. The visit seeks to gather perspectives from the private sector regarding managing risks associated with illicit finance and their practical experiences in implementing India's laws concerning beneficial ownership.
8. Nelson's agenda involves a comprehensive engagement with both government officials and the private sector, focusing on collaborative strategies to combat financial illicit activities and enhance regulatory practices.
9. The discussions and meetings aim to strengthen bilateral cooperation between the US and India in curbing financial crimes and ensuring the integrity of the global financial system.
10. Nelson's visit underscores the ongoing commitment of the US Treasury to collaborate with India in addressing financial vulnerabilities, ensuring compliance with beneficial ownership laws, and collectively tackling emerging challenges related to AML/CFT initiatives.
(With Agency Inputs)
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