FM Nirmala Sitharaman pitches for stronger global rules to fight financial crimes

Gandhinagar: India on Sunday pitched for further strengthening the global architecture to tackle financial crimes, money laundering, and tax evasion in a more synchronised and effective manner.

"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," finance minister Nirmala Sitharaman said at a 'G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering'.

She exuded confidence that G20 will continue to assist jurisdictions in enhancing their law enforcement capacity.


The minister said it was imperative that the world remains alive to the emerging risks to financial transparency. "In this context, the progress of work towards the development of the Crypto-Asset Reporting Framework and the update to the Common Reporting Standard is a welcome step," she said.

Other classes of assets should also be examined in respect of which information needs to be shared in a systematic way amongst jurisdictions, Sitharaman said.

URBAN INFRASTRUCTURE
Speaking at a separate event, 'G20 Infrastructure Investment Dialogue', Sitharaman underlined the need for embracing innovative strategies to attract private investment, bridge financing gaps, and foster sustainable development of infrastructure in cities.