Indian Defense
India, US Co-Chair AML/CFT Dialogue, Agree To Improve Cooperation Against Money Laundering, Terror Financing
New Delhi: India and the United States co-chaired the US-India Anti-Money Laundering and Countering the Financing of Terrorism Dialogue, and agreed to improve cooperation and information sharing
The Dialogue took place on Wednesday here in the national capital. It was co-chaired by US Treasury Under Secretary for Terrorism and Financial Intelligence, Brian Nelson and India’s Revenue Secretary, Ministry of Finance, Sanjay Malhotra.
“On December 13, 2023, we, US Treasury Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Sanjay Malhotra, Revenue Secretary, Indian Ministry of Finance, reconvened and co-chaired the US-India Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Dialogue. The Ministry of Finance hosted the dialogue in New Delhi,” read the joint statement of the US-India Anti-Money Laundering and Countering the Financing of Terrorism Dialogue.
The joint statement stated that the India-US AML/CFT Dialogue is an effective forum for both countries to share perspectives and best practises on how to strengthen the collective efforts of both countries to address illicit finance risk across our countries and the international financial systems.
In forum sessions, the two countries discussed each country’s experience with virtual assets and virtual asset service providers, given the focus area of both sides to promote responsible innovation while mitigating illicit finance risks.
Both parties recognised the pressing need to accelerate global implementation of AML/CFT standards for virtual assets, in line with the Financial Action Task Force (FATF) recommendations, to effectively address the issue of regulatory arbitrage, the statement read.
The participants also discussed each country’s efforts to enhance transparency in beneficial ownership, including the implementation of beneficial ownership registries, tools to improve data quality, and verification of the information.
This is a crucial step in combating money laundering and other financial crimes, as it allows authorities to track the flow of funds and identify those who are ultimately responsible for them, the statement added.
India and the US discussed the current challenges each jurisdiction is facing with regard to sanctions implementation, as well as opportunities to improve cooperation and information sharing to better combat sanctions evasion and terrorist financing in the region and globally.
The two delegations also identified various areas in AML/CFT where India and the US can jointly work together and share experiences and best practices.
India and the US further agreed to convene the dialogue again next year to build on this week’s productive discussions. They also agreed that in advance of next year’s dialogue, ongoing technical-level discussions will continue to advance the priorities and identify additional areas for cooperation.
“Finally, we agreed to pursue opportunities to enhance coordination and cooperation bilaterally and multilaterally, including working together within the FATF,” the statement read.
“Reconvening and co-chairing the India-US AML/CFT Dialogue reaffirms the commitment of India and the United States to work jointly to address illicit finance risk in the international financial system,” it added.
Indian Defense
INS Arihant’s Nuke-Capable K-4 Submarine-Launched Ballistic Missile ‘Ready To Roll’
The solid-fuelled K-4 missile is being developed by DRDO to arm the country’s nuclear-powered submarines in the shape of INS Arihant and its under-development sister vessels. INS Arihant, which became fully operational in November 2018 to complete India’s nuclear triad, is currently armed with the much shorter K-15 missiles with a 750 km range.
“The K-4 is now virtually ready for its serial production to kick-off. The two tests have demonstrated its capability to emerge straight from underwater and undertake its parabolic trajectory,” said a source.
India has the land-based Agni missiles, with the over 5,000-km Agni-V inter-continental ballistic missile now in the process of being inducted, and fighter jets jury-rigged to deliver nuclear weapons. But INS Arihant gives the country’s deterrence posture much more credibility because nuclear-powered submarines armed with nuclear-tipped missiles are considered the most secure, survivable and potent platforms for retaliatory strikes.
Once the K-4 missiles are inducted, they will help India narrow the gap with countries like the US, Russia and China, which have over 5,000-km range SLBMs. The K-4 missiles are to be followed by the K-5 and K-6 missiles in the 5,000-6,000 km range class.
The 6,000-ton INS Arihant, which is propelled by an 83 MW pressurised light-water reactor at its core, in turn, is to be followed by INS Arighat, which was launched in 2017. The next generation of nuclear submarines, currently called S-4 and S-4*, will be much larger in size.
Indian Defense
After Upgradation, Sukhoi Su-30MKI Indigenisation To Reach 78%
India has received clearance to upgrade 84 Sukhoi Su-30MKI fighter jets, which will result in 78% indigenization after the upgrade
In a significant step towards bolstering its military might with indigenously developed technology, India is poised to witness its Russian-origin Sukhoi Su-30MKI fighter jets evolve into a domestic platform. Speaking at a recent lecture.
The upgrade program is being led by Hindustan Aeronautics Limited (HAL) in partnership with the Indian Air Force and other partners. The upgrade is expected to cost US$7.5 billion.
This initiative is a part of a larger effort by the Indian Air Force to modernize its ageing fleet. Air Chief Marshal Chaudhari asserted the critical role of an offensive air force as demonstrated in current global conflicts and emphasized India’s move towards an indigenized arsenal. To this end, the IAF has been proactive, from upgrading its Mirage 2000 to enhancing its MiG-29 fleet.
In summary, the IAF’s commitment to updating their combat forces with the latest technology, including shifting to fifth-generation fighter jets, ensures operational preparedness and a strong deterrence capability. The gradual indigenization of its air fleet marks a pivotal shift in India’s defence landscape, reducing dependency on foreign imports and fostering technological sovereignty.
Indian Defense
Akash Weapon System Exports For The Armenian Armed Forces Gathers Pace
According to unconfirmed reports, Armenia is a top contender for an export order for Akash SAM system manufactured by Bharat Dynamics Limited (BDL).
The Akash export version will also be slightly different from the one inducted by the armed forces. The 100-km range air-to-air Astra missiles, now entering production after successful trials from Sukhoi-30MKI fighters, also have “good export potential”, said sources.
Akash is a “tried, tested and successfully inducted systems”. Indian armed forces have ordered Akash systems worth Rs 24,000 crore over the years, and MoD inked a contract in Mar 2023 of over Rs 9,100 crores for improved Akash Weapon System
BDL is a government enterprise under the Ministry of Defence that was established in 1970. BDL manufactures surface-to-air missiles and delivers them to the Indian Army. BDL also offers its products for export.
Akash Weapon System
The AWS is a Short Range Surface to Air Missile (SRSAM) Air Defence System, indigenously designed and developed by Defence Research and Development Organisation (DRDO). In order to meet aerial threats, two additional Regiments of AWS with Upgradation are being procured for Indian Army for the Northern borders. Improved AWS has Seeker Technology, Reduced Foot Print, 360° Engagement Capability and improved environmental parameters.
The project will give a boost to the Indian missile manufacturing industry in particular and the indigenous defence manufacturing ecosystem as a whole. The project has overall indigenous content of 82% which will be increased to 93% by 2026-27.
The induction of the improved AWS into the Indian Army will increase India’s self-reliance in Short Range Missile capability. This project will play a role in boosting the overall economy by avoiding outgo of precious foreign exchange to other countries, increasing employment avenues in India and encouraging Indian MSMEs through components manufacturing. Around 60% of the project cost will be awarded to the private industry, including MSMEs, in maintaining the supply chain of the weapon system, thereby creating large scale of direct and indirect employment.
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