India and the US need to share the best practices to combat terrorist financing. India plays a very important role in combating global terrorist financing, said Daniel L. Glaser, Assistant Secretary for Terrorist Financing, US Treasury while addressing the concluding session of a two day US India Private Financial Sector Dialogue organized by the Confederation of Indian Industry (CII) and US India Business Council (USIBC) in Mumbai last week.
Glaser said that, “It is important that the two countries consult and share crucial financial intelligence for a safer world.” Glaser discussed critical issues including combating illicit terrorist financing and new payment technologies for financial inclusion with senior Indian officials.
“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” he added.
“We live in a globalised world where we need increased information sharing to combat terrorism. We have to rely on each other to protect and safeguard one another. India and the US with their shared democratic principles are natural allies in the fight against terrorist financing,” Glaser added.
In his concluding remarks, 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.”
