Posted by- Neelam Mathews
July 27, 2011
“Both India and US understand the importance of a strong financial system. But we must also keep in mind the potential risk from illicit financing. The need to recognize this and how it is used in financing terrorist activities has become a critical part of the relationship between the two countries” said Daniel L. Glaser, Assistant Secretary for Terrorist Financing, US Treasury addressing a session of the U.S India Private Financial Sector Dialogue organized by the Confederation of Indian Industry (CII) and U.S India Business Council (USIBC) in Mumbai.
Critical issues including combating illicit terrorist financing and new payment technologies for financial inclusion, were discussed.
“India and the US need to share best practices to combat terrorist financing. India plays a very important role in combating global terrorist financing. It is important that the two countries consult and share crucial financial intelligence for a safer world,” Glaser added.
Arun Nanda, Past Chairman, CII (WR) and Director, Mahindra and Mahindra Ltd., said: “Indo-US relations have matured to become a multifaceted relationship and today encompass all areas of international cooperation. While there is extensive cooperation between the two countries on most issues, there is a need also to focus on the issue of illicit financing.”