India Signs an Agreement with Eurasian Group (EAG) to Enhance Cooperation in Areas of Money Laundering and Terrorist Financing

Press Information Bureau

Government of India

Ministry of Finance

24-November-2011 18:35 IST

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.

DSD/GN