Need to strengthen systems to combat new forms of economic crimes: Malhotra

Revenue Secretary Designate Sanjay Malhotra on Thursday stressed the need to strengthen systems to combat new forms of economic crimes.

Addressing a conference on counter-terrorism financing, Malhotra highlighted the need to strengthen international cooperation on economic crimes.

The session highlighted India's priorities for the Anti-Corruption Working Group (ACWG) during its G20 presidency, which officially starts on December 1.

''The effort during India's presidency will be to promote better international cooperation in sharing of information through formal and informal means and to have robust systems for recovery of stolen assets cutting across borders,'' the finance ministry said in a statement.

Matters pertaining to international cooperation in the investigation of corruption and other economic crimes were discussed during the event. India's robust anti-money laundering and counter-terrorist financing (AML/CFT) framework was highlighted during the event held on the eve of the third ''No Money For Terror'' Ministerial Conference on Counter-Terrorism Financing.

While speaking about the synergy between the G20 ACWG priorities and Financial Action Task Force (FATF) mandate, Malhotra highlighted the need to strengthen international cooperation on economic crimes. Malhotra stressed the need to strengthen the systems to combat new and sophisticated forms of economic crimes, the ministry said in a statement.