Sitharaman for strengthening global architecture to fight financial crimes

She also said that innovative financing and funding mechanisms for cities could have significant potential to fill the increasing funding gaps.
Union Finance Minister Nirmala Sitharaman (Photo | Shekhar Yadav, EPS)
Union Finance Minister Nirmala Sitharaman (Photo | Shekhar Yadav, EPS)

NEW DELHI:   India has taken the lead for building capacity in tax and financial crime investigation in the South Asian region in collaboration with OECD, said Finance Minister Nirmala Sitharaman. Speaking at the ‘G20 High-Level Tax Symposium on Combating Tax Evasion, Corruption, and Money Laundering’, she said G20 will continue to assist the jurisdictions in enhancing their law enforcement capacity.

India has decided to launch a pilot on tax and financial crime investigation in collaboration with OECD for the South Asian Region beginning at the Regional Campus of National Academy of Direct Taxes in New Delhi on July 18.

“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,” she said. The G20 has helped spearhead a number of reforms to the global tax, anti-corruption and anti-money laundering architecture, which has helped shape the discourse towards jurisdictions not only adopting a more holistic approach to financial crimes but also aided them to collaborate with one another, the finance minister added.

She also said that innovative financing and funding mechanisms for cities could have significant potential to fill the increasing funding gaps. “It can complement the pool of funds available for infrastructure in addition to public investment and financing provided by Multilateral Development Banks (MDBs), she added. Sitharaman also suggested that the Asian Infrastructure Investment Bank (AIIB) to use innovative financing ways to better address the infrastructure needs of member countries.

G20 helped spearhead many reforms
The G20 has helped spearhead a number of reforms to the global tax, anti-money laundering architecture, which has helped shape the discourse towards jurisdictions not only adopting a more holistic approach to financial crimes, but also aided them to collaborate with one another, FM said. She added that innovative financing mechanisms for cities could have the potential to fill the increasing funding gaps.

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