India, Cyprus vow to curb money laundering

India, Cyprus vow to curb money laundering

News:

1. India to sign agreement on money laundering and in the field of environment with Cyprus.

Important facts:

2. India is the fastest growing major economy in the world with the rate of 8.2% in the third quarter.

3. Cyprus has the niche (uniquely specific) expertise in financial services and investment banking which can provide much scope for deepen investment partnership.

4. Double Taxation Avoidance Agreement was revised in 2016, which led to the expansion of opportunities for the investment ties between the two countries.

5. Memorandum of Understanding has now been signed between Financial Intelligence Unit, India and Unit for Combating Money Laundering of Cyprus.

6. It seeks to further strengthening the institutional framework to facilitate investment cross-flows.

7. Mr. Kovind also held discussion on the prospects of promoting business collaboration in the field of IT and IT-enabled services, tourism, shipping and renewable energy.

8. They not only reviewed bilateral ties but also their multi-lateral engagements on global issues.