New Delhi
12 September 2006
The European Union (EU) has indicated it wants India to sign up for
the Paris-based Financial Action Task Force (FATF) and harmonise its laws with that of
the 25-member EU to bolster the efforts being made by the Europeans to prevent the
financing of terrorism and reduce the scope for money-laundering. In return, it has
offered to put its weight behind the draft Comprehensive Convention on International
Terrorism mooted by India as far back as in 1996.
An official of the Delegation of the European Commission to India has indicated that it
was in the interests of India and EU that India came on board the FATF. "Asia is not
advanced [in anti-moneylaundering measures]. Europe, on the other hand, is very
advanced and has the technology and knowhow. We have recently adopted the third
generation of legislations. The EU can help India [in keeping with the] India-EU strategic
partnership", the official told this newspaper.
Ambassador of Finland to India Asko Numminen, in turn, said that at the recently
concluded Asia-Europe Meeting (ASEM) in Helsinki, Finnish Premier Matti Vanhanen
called for the finalisation of the negotiations on the Comprehensive Convention on
International Terrorism. India has said it will push for a consensus when the 61st United
Nations General Assembly session starts in New York later this month. Finland currently
holds the EU's rotating presidency.
"It is important that the United Nations forges a consensus [on this issue like] we came
to a common understanding and adopted the United Nations General Assembly
resolution on the UN Global Counter Terrorism Strategy," Finnish Ambassador Asko
Numminen said. Incidentally, the recently concluded ASEM has adopted a decision to
include India, Pakistan and Mongolia as Cooperation Partners. "India's involvement is
an important matter," he added.
For its part, the FATF has called on countries to intensify measures to combat the
financing of terrorism in the wake of the plot to blow up transatlantic airliners in Britain.
"This is again a kind of wake-up call for all the countries around the world to implement
the measures. The financial system can always be abused," Alain Damais, executive
secretary of FATF has been quoted as saying. The FATF has about 35 members. It was
launched in 1989.
Sources in the Ministry of External Affairs acknowledged that the FATF has renewed its
contacts with India. "The president of the FATF visited India in April this year [and] India
reaffirmed its commitment to see the FATF membership," the sources said, adding that
the Ministry of External Affairs has been forwarding a list of individuals and entities with
links to terrorists so that the banks can check their clients and monitor suspicious
financial transactions.
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