India and Qatar agree to share intelligence to curtail trade-based money laundering and terrorist financing

India and Qatar have agreed to share intelligence with the aim of curtailing trade-based money laundering (TBML).

The two countries also agreed to introduce joint measures to combat illicit financial flows (IFFs) and actions to counter terrorist financing.

TBML measures

One memorandum of understanding (MoU) signed at the end of a visit to Qatar by Indian prime minister, Narendra Modi, focused on cooperation and mutual assistance in terms of the two countries’ customs operations.

Under the MoU, customs officials will work together to establish systems to detect and prevent TBML with a specific focus on under- and over-invoicing.

Exchange mechanisms

Another MoU was signed between the Finance Intelligence Unit-India (FIU) and Qatar Financial Information Unit to share intelligence.

It calls for cooperation to combat terrorism financing and prevent other economic offences by exchanging information on IFFs and other suspicious uses of the financial system.

Categories: Trade Based Financial crimes News

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