FM Nirmala Sitharaman for strengthening global architecture to combat financial crimes
Finance Minister Nirmala Sitharaman on Sunday made a case for further strengthening of global architecture to combat financial crimes, money laundering and sharing of information about different asset classes including crypto currencies. Addressing a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering', the minister exuded confidence that G20 will continue to assist the jurisdictions in enhancing their law enforcement capacity.
Under the G20 Presidency, Sitharaman said, India has taken the lead for building capacity in tax and financial crime investigation in the South Asian region in collaboration with OECD. India has decided to launch a pilot on tax and financial crime investigation in collaboration with OECD for the South Asian Region beginning at the Regional Campus of National Academy of Direct Taxes in New Delhi on July 18.
Observing that G20 has helped spearhead a number of reforms to the global tax, anti-corruption and anti-money laundering architecture, she said, these have helped shape the discourse towards jurisdictions not only adopting a more holistic approach to financial crimes, but also aided them to collaborate with one another. «We hope that the G20 continues exploring the options to further strengthen the global architecture to fight financial crime and assist jurisdictions in enhancing their law enforcement capacity,» she said.
The minister said that there was scope for evolving solutions that can help tackle financial crimes in a more synchronised and effective way. The G20 has helped spearhead a number of reforms to the global tax, anti-corruption and anti-money laundering architecture, which has helped shape the discourse towards jurisdictions not only adopting a
. Read more on economictimes.indiatimes.com
