US Treasury Under Secy Nelson to visit Delhi, Mumbai this week

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US Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson will embark on a visit to Delhi and Mumbai this week “to continue work with our important partner and ally on combatting illicit finance and anti-money laundering and countering the financing of terrorism (AML/CFT) issues”, the Department of Treasury announced. Nelson is scheduled to travel to India from December 11 to 15.

In a statement, the Department said that while in Delhi, the Under Secretary will meet government officials to discuss the “Treasury’s commitment to working with India to further secure the international financial system from abuse by illicit actors”. It also said that Nelson will discuss opportunities to work together to cut off sanctions evasion and address terrorist financing, including disrupting the ability of terrorist groups to leverage the international financial system to raise and move funds.

The statement went on to say that the Under Secretary will also chair a meeting of the re-established US-India AML/CFT Working Group, where participants will discuss virtual assets, sanctions implementation, financial inclusion, and beneficial ownership implementation. It further said that ahead of the January 1, 2024 launch of the US beneficial ownership registry, Nelson will seek insights from Indian counterparts on their experiences over the past six years launching and operating their domestic registry.

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During his visit to Mumbai, he will meet the private sector to discuss Treasury’s continued work to enforce sanctions on Russia for its brutal war against Ukraine as well as the price cap on Russian oil, the Department said. He will also solicit their perspectives on managing illicit finance risks and their experience in implementing India’s beneficial ownership laws, it added.