Inaugurating the 14th annual meeting of the Asia Pacific Group on Money Laundering in Kochi on Tuesday, Union Finance Minister Mr. Pranab Mukherjee said the country will continue to contribute significantly in the global efforts to prevent money laundering. He said the country will also work towards maintaining the integrity of financial systems.
Noting that the impact of money laundering on the society are enormous and multi-dimensional, Mr. Mukherjee said its socio-economic, political and security implications on nations can be crippling. He said the quantum of money generated from criminal activities and laundered throughout the world is estimated to be two to five per cent of the global GDP.
The Finance Minister called upon nations to strengthen their capabilities to ensure an effective and more productive crusade against money laundering and terrorist financing.
Over 350 delegates from 40 countries are participating in the five day meet of the Asia Pacific Group on Money Laundering, of which India is the co-chair, along with Australia.