Washington, DC – Brian E. Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, is set to embark on a crucial diplomatic mission to New Delhi and Mumbai, India, from December 11th to 15th. The visit underscores the United States’ commitment to fostering cooperation with India in combatting illicit finance, anti-money laundering (AML), and countering the financing of terrorism (CFT) issues.
In New Delhi, Under Secretary Nelson will engage in high-level discussions with government officials to reinforce the collaborative efforts between the United States and India in securing the international financial system from exploitation by illicit actors. Emphasizing Treasury’s dedication to combating sanctions evasion and disrupting terrorist financing, Nelson will explore opportunities to curtail the ability of terrorist groups to exploit the global financial system for fundraising and fund movement.
A focal point of the New Delhi leg of the trip will be the chairing of a meeting of the re-established U.S. – India AML/CFT Working Group. During this session, participants will delve into critical topics such as virtual assets, sanctions implementation, financial inclusion, and beneficial ownership implementation. Under Secretary Nelson aims to gather insights from Indian counterparts regarding their experiences over the past six years in launching and operating their domestic beneficial ownership registry. This knowledge exchange becomes particularly relevant in anticipation of the U.S. beneficial ownership registry’s launch on January 1st, 2024.
In Mumbai, Under Secretary Nelson will engage with the private sector to discuss the ongoing efforts of the U.S. Treasury in enforcing sanctions on Russia, particularly in response to its aggressive actions in Ukraine. The discussions will also extend to the price cap on Russian oil. In addition to seeking perspectives from the private sector on managing illicit finance risks, Under Secretary Nelson will explore their experiences in implementing India’s beneficial ownership laws.
The visit is emblematic of the strong partnership between the United States and India in addressing global financial security challenges. As both nations strive to protect their financial systems from abuse, this diplomatic initiative highlights the importance of collaborative efforts in safeguarding the international financial landscape.