November 25, 2011 08:29 AM
http://www.moneylife.in/article/india-inks-deal-with-eurasian-group-to-curb-money-laundering/21695.html
The EAG is a Financial Action Task Force-styled regional body with nine members —including India, Russia and China—and 29 observers, of which 12 are countries and 17, are international organisations
New Delhi: India on Thursday signed an agreement with the Eurasian Group (EAG), a regional body, to enhance cooperation on curbing money laundering and terrorist financing, reports PTI.
The agreement was signed by Thomas Mathew, joint secretary of the Capital Markets Division of the ministry of finance, on behalf of India on the occasion of the 15th plenary meeting of the group at Xiamen, China, an official statement said.
The Cabinet had approved the agreement earlier this month, it added.
The EAG is a Financial Action Task Force (FATF)-styled regional body with nine members —including India, Russia and China—and 29 observers, of which 12 are countries and 17 are international organisations.
During the conference, India offered help to member nations in enhancing their technical skill in establishing better financial systems, capital market monitoring and surveillance through sophisticated IT tools.
“Help was also offered in drafting legislation, law enforcement techniques and strengthening of their respective financial intelligence units,” the finance ministry said in a statement.
India was accorded membership in the group in December 2010. There are nine such regional bodies spread across the world. The Eurasian Group is emerging as an effective body engaged in combating money laundering and the financing of terrorism, it added.