India’s initiatives to combat money laundering and terrorism financing were widely appreciated on the first day of the 41st plenary meeting of the Eurasian Group (EAG) in Indore, Madhya Pradesh. The five-day event, which began on Monday, gathers representatives from nine member nations to discuss strategies for addressing pressing global issues such as cybercrime, illegal financial transactions, and terror funding.

“India was lauded for achieving the highest rating from the Financial Action Task Force (FATF),” said Vivek Agrawal, Additional Secretary of the Revenue Department in the Ministry of Finance, who represents India at the conference. The FATF has placed India in its "regular follow-up" category, recognising the nation’s robust measures to curb money laundering and financial crimes.

The meeting includes over 200 representatives from member nations—India, Belarus, China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Turkmenistan and Uzbekistan. Discussions will cover issues like illegal money transfers, fintech-related crimes, and solutions to address these challenges. Agrawal noted that participants would explore financial products with potential misuse in crimes, legal frameworks to prevent such activities, and necessary training for law enforcement agencies.

Public officials and dignitaries, including Indore MP Shankar Lalwani, Urban Development Minister Kailash Vijayvargiya, Mayor Pushyamitra Bhargava, and District Magistrate Ashish Singh, attended the opening session. Lalwani emphasised the need for enhanced international collaboration, suggesting the formation of a joint investigation team to address cybercrimes, money laundering, and terror financing effectively.

Fintech industry representatives will contribute insights during a session dedicated to technological and financial crime. Based on deliberations across three days, the EAG will adopt resolutions to strengthen collective action against these global challenges during the plenary session.

The event marks a significant milestone in fostering global cooperation against financial crimes, with India’s efforts setting a benchmark for member nations.