US Treasury Official in India to Discuss Illicit Finance

Washington, Dec 12 (PTI) A senior official of the Biden administration is travelling to India this week to discuss issues related to securing the international financial system from abuse by illicit actors, the US Department of Treasury said Monday.

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson is travelling to New Delhi and Mumbai from December 11-15 to continue work with India on combating illicit finance and anti-money laundering and countering the financing of terrorism (AML/CFT) issues, an official release said.

In New Delhi, Nelson will meet government officials to discuss the Treasury's commitment to working with India to further secure the international financial system from abuse by illicit actors.

"He will discuss opportunities to work together to cut off sanctions evasion and address terrorist financing, including disrupting the ability of terrorist groups to leverage the international financial system to raise and move funds," the Department of Treasury said.

Nelson will also chair a meeting of the re-established US-India Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Working Group, where participants will discuss virtual assets, sanctions implementation, financial inclusion, and beneficial ownership implementation.

Ahead of the January 1, 2024 launch of the US beneficial ownership registry, the Under Secretary will seek insights from Indian counterparts on their experiences over the past six years launching and operating their domestic registry, the media release said.

In Mumbai, Nelson will meet with the private sector to discuss the Treasury's continued work to enforce sanctions on Russia for its "brutal war" against Ukraine as well as the price cap on Russian oil. He will also solicit their perspectives on managing illicit finance risks and their experience in implementing India's beneficial ownership laws, the Treasury statement said.