US seeks bilateral consultations on terror financing

Mumbai: A top US government official on Wednesday said India and the US should share best practices to combat terrorist financing and that such a relationship has become a 'critical' part of the relationship between the two countries.

''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,'' said Daniel L Glaser, assistant secretary for terrorist financing, US Treasury.

Glaser was speaking at a two-day US-India Private Financial Sector Dialogue organised by the CII and USIBC in Mumbai.

Seeking more co-operation between India and the US on anti-money laundering and counter terrorist financing (or AML/CFT), Glaser said, ''As India continues to take a greater leadership role on these issues, it is important that our two countries engage in regular bilateral consultations.''

''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,'' Glaser said at the concluding session.