India signs deal with Eurasian Group to curb money laundering

November 24th, 2011 - 9:35 pm ICT by IANS  

New Delhi, Nov 24 (IANS) India Thursday signed an agreement with the Eurasian Group, a regional body with nine members including Russia and China, and 29 observers, to enhance cooperation in the areas of curbing money laundering and terrorist financing.

Thomas Mathew, joint secretary of capital markets division at the ministry of finance, signed the agreement with Eurasian Group officials on the occasion of the 15th plenary meeting of the group, being held at Xiamen, China, according to an official statement released here.

The federal cabinet had approved the agreement earlier this month.

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.

Eurasian Group is a regional body with 9 members including India, Russia and China and 29 observers of which 12 are countries and 17 are international organisations.

India was accorded membership in the group December 2010. There are 9 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.

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