India proactively combating money laundering, terrorism financing: Union minister Chaudhary

Chaudhary inaugurated the 41st Plenary Meeting of the Eurasian Group (EAG) in Indore. EAG Chairman Yuri Chikhanchin and India's Revenue Secretary Sanjay Malhotra were also present on the occasion.

Addressing the event, Chaudhary said EAG, which is celebrating its 20th anniversary, has made a significant contribution to the global fight against money laundering and the financing of terrorism.

"India is very active in this global fight. The country's proactiveness in this direction is in line with the standards of the Financial Action Task Force (FATF), which has given the country the highest rating in its mutual evaluation report this year," he said.

"This rating does not make us complacent as we understand that the risk scenario is constantly changing and we have to remain vigilant at all times," Chaudhary said.

He said India takes measures to combat money laundering and terrorism financing not just for regulatory requirements but as a strategic imperative to prevent the bad elements from misusing resources while securing its economic strength and financial channels.

The finance ministry official said that under the leadership of Prime Minister Narendra Modi, India is continuously taking steps to promote 'Clean Wealth' and 'Clean Economy'.

He said the Centre has tightened the provisions by amending the laws against money laundering, benami transactions and corruption.

The government has also enacted a law against fugitive economic offenders to pursue those who have fled to safe havens after laundering money. "We have brought back some fugitive economic offenders to India, while the emphasis is being made on bringing back other offenders whose cases are pending in foreign courts," he said.

Chaudhry said the Enforcement Directorate (ED), Financial Intelligence Unit (FIU) and other Indian agencies are successfully fighting the global problems of money laundering and terrorist financing. The official said that the Unified Payments Interface (UPI) has done "wonders in controlling" the country's cash-based economy.

Madhya Pradesh Governor Mangubhai Patel, the chief guest at the function, called money laundering and financing of terrorism dangerous for the international economy and peace. The effort of big countries to unite against these problems through EAG is a big step towards global integrity and in the interests of humanity, he said.

Patel said that under the leadership of PM Modi, several concrete measures have been taken in India to deal with money laundering and financing of terrorism. He said 'historically courageous' steps like demonetisation and Goods and Services Tax (GST) have played an effective role in curbing tax evasion and combating black money in the country.