Indore Hosts Global Summit on Financial Integrity
Bhopal, November 28, 2024
Introduction
The 41st Eurasian Group (EAG) Plenary Meeting commenced in Indore, marking a significant step in addressing global challenges of money laundering and terror financing. Governor Mangubhai Patel inaugurated the event alongside Union Minister of State for Finance, Pankaj Chaudhary. The meeting, attended by global delegates, focused on collaborative measures and advanced technology to combat financial crimes.
Key Highlights from the Event
Governor Mangubhai Patel’s Address
- Call for Unified Global Action:
- Governor Patel emphasized that combating money laundering and terror financing requires collective action from all major nations.
- Highlighted the need for stronger diplomatic and technological efforts to curb illegal financial activities.
- India’s Efforts:
- Spoke about India’s initiatives like demonetization and digitalization to promote financial transparency.
- Stressed the role of the EAG in fostering global peace and financial integrity.
Union Minister Pankaj Chaudhary’s Address
- India’s Strong Stance Against Financial Crimes:
- The Union Minister outlined India’s firm actions, including the Black Money Act and strengthening the Enforcement Directorate (ED).
- Mentioned India’s focus on UPI-based digital transactions and GST to ensure a transparent financial system.
- Role of EAG:
- He acknowledged the EAG as a pivotal group in countering terror funding and ensuring global financial stability.
Technical Discussions and Innovations
- Global Coordination:
- EAG President Yuri Chikhanchin praised India’s efforts in addressing terror financing and illicit financial flows.
- Emphasized using advanced technology and AI for monitoring and preventing financial crimes.
- Focus Areas:
- Delegates discussed challenges like asset recovery, financial fraud, and cross-border illegal activities.
- The importance of global collaboration to address these issues was highlighted.
India’s Role in EAG
- Recognition of Leadership:
- Finance Secretary Sanjay Malhotra elaborated on India’s measures, including AI and technology-driven solutions for financial security.
- He pointed out the absence of any EAG member country in the FATF Grey List, underscoring the group’s success.
- Global Recognition:
- Hosting the EAG plenary was termed a proud moment for India, reflecting its leadership in tackling financial crimes.
Local and Cultural Significance
- Indore Mayor Pushyamitra Bhargav presented a certificate of the Eurasian Garden to EAG President Yuri Chikhanchin.
- The event also showcased Indore’s role as a center for innovation and international diplomacy.
Conclusion
The EAG plenary meeting underscored India’s pivotal role in combating money laundering and terror financing on a global scale. With discussions on advanced technology, financial transparency, and international cooperation, the event set a foundation for stronger global financial integrity. Governor Patel and Union Minister Chaudhary reaffirmed India’s commitment to global peace and security, making the event a milestone in the fight against financial crimes.
Author: This news is edited by: Abhishek Verma, (Editor, CANON TIMES)
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