Union Finance Minister Arun Jaitley will inaugurate an international conference in New Delhi today which will discuss scope for regional cooperation to effectively deal with illicit financial flows, mainly from tax frauds and human trafficking. An official release said, the three-day conference titled Networking the Networks will try to identify best practices of existing international organisations for cooperation on illicit financial flows.<br/><br/>This Conference is relevant in the context that South Asia region is vulnerable to the illicit financial flows from drugs, human trafficking and tax fraud. The Ministry said, informal money transfer systems are also popular in the world and can be easily misused by the criminal networks for the transfer of crime proceeds, as well as for terrorism financing. It said, there are different regional organisations for law enforcement cooperation that is Central Asian Regional Information and Coordination Center and Southeast European Law Enforcement Center. <br/><br/>But their capacities are not fully utilised for tracing of illicit financial flows and for the law enforcement -financial intelligence cooperation.The conference will also deal with setting-up of regional coordination mechanism for intelligence sharing in criminal matters.

Union Finance Minister Arun Jaitley will inaugurate an international conference in New Delhi today which will discuss scope for regional cooperation to effectively deal with illicit financial flows, mainly from tax frauds and human trafficking. An official release said, the three-day conference titled Networking the Networks will try to identify best practices of existing international organisations for cooperation on illicit financial flows.<br/><br/>This Conference is relevant in the context that South Asia region is vulnerable to the illicit financial flows from drugs, human trafficking and tax fraud. The Ministry said, informal money transfer systems are also popular in the world and can be easily misused by the criminal networks for the transfer of crime proceeds, as well as for terrorism financing. It said, there are different regional organisations for law enforcement cooperation that is Central Asian Regional Information and Coordination Center and Southeast European Law Enforcement Center. <br/><br/>But their capacities are not fully utilised for tracing of illicit financial flows and for the law enforcement -financial intelligence cooperation.The conference will also deal with setting-up of regional coordination mechanism for intelligence sharing in criminal matters.