INDIA signed an Agreement with the Eurasian Group (EAG) today to inter-alia
enhance cooperation in the areas of Money laundering and Terrorist Financing.
The Cabinet had approved the agreement earlier this month. The agreement was
signed by Dr. Thomas Mathew, Joint Secretary (Capital Markets) Division of the
Department of Economic Affairs on behalf of India.
A six member Indian delegation led by Dr. Mathew, Joint Secretary (Capital
Markets) is attending the 15th Plenary Meeting of the Eurasian Group (EAG) on
Combating Money Laundering and Financing of Terrorism, being held at Xiamen,
China.
The Indian delegation's effective participation and contribution in the
Plenary meeting and Working Groups were appreciated by the Secretariat, member
countries and observers. India also 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 FIUs.
The EAG is a Financial Action Task Force (FATF) styled 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
EAG in December 2010. There are 9 such regional bodies spread across the world.
The EAG is soon emerging as an effective body engaged in combating money laundering
and the financing of terrorism.
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