India And Qatar's Finanical Intelligence Units Discuss IT Systems, Virtual Digital Assets

India and Qatar's Financial Intelligence Units discussed use of IT systems and tools, public and private partnerships, strategic analysis, and experience in virtual digital assets segment, the finance ministry said on Tuesday.

A nine-member delegation, headed by Sheikh Ahmed Al Thani, Head of FIU-Qatar, visited Financial Intelligence Unit-India, on Nov. 4-5, 2024, New Delhi.

During the visit, FIU-IND head Vivek Aggarwal and Sheikh Ahmed Al Thani discussed current practices in Anti-money Laundering and Countering the Financing of Terrorism regime as well as possible areas of future collaboration between the two organisations.

Both sides touched upon various areas, including the IT systems used by respective jurisdiction, Public-Private Partnership initiative of FIU-IND, Private-Private Partnership for Alliance of Reporting Entities in India For AML/CFT , strategic analysis and various tools used by the two FIUs as well as FIU-IND's experience in area of virtual digital assets service providers.

Further, methods of effective information exchange were also discussed and deliberated upon, the ministry said in a statement.

It said FIU-Qatar appreciated the IT system (FINNET 2.0) used by FIU-IND and mentioned that it is one of the most sophisticated systems used by any FIU.

They expressed keenness to further understand the Private-Private Partnership initiative from FIU-IND which facilitates the collaboration amongst private sector players in AML/CFT regime.

FIU-Qatar and FIU-IND have cooperated with each other over the years, through the informal information exchange on offences related to money laundering, financing of terrorism.