India, US need to combat terror financing jointly: US official

MUMBAI: India plays a very important role in combating global terrorist financing and there is need for New Delhi and the US to share the best practices in this regard to curb the menace, a top American official said today.

"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 recognise this and how it is used in financing terrorist activities has become a critical part of the relationship between the two countries," US Treasury's Assistant Secretary for Terrorist Financing Daniel L Glaser said here.

He was addressing the concluding session of a two-day US India Private Financial Sector Dialogue organised by the Confederation of Indian Industry (CII) and the US-India Business Council (USIBC) here.

The event discussed critical issues, including combating illicit terrorist financing and new payment technologies for financial inclusion.

"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. It is important that the two countries consult and share crucial financial intelligence for a safer world," he added.

Glaser said India and the US are "natural allies" who share their democratic principles and have to rely on each other to protect and safeguard one another.