India, U.S. concur on need for speed on virtual assets’ standard

illustration of people waving flag on American-India flag | Photo Credit: Getty Images

India and the United States of America, in a bilateral dialogue on anti-money laundering and countering the financing of terrorism, agreed on Thursday about the pressing need to accelerate global implementation of standards for virtual assets like crypto currencies to effectively to effectively address the issue of regulatory arbitrage, the Finance Ministry said.

The two countries also discussed steps to enhance transparency in beneficial ownership, including the implementation of beneficial ownership registries and tools to verify information, terming this is as crucial to combat money laundering and other financial crimes.

This, they noted, allows authorities to track the flow of funds and identify those who are ultimately responsible for them.