Nirmala Sitharaman announces the commencement of an initiative to probe financial and tax crimes in India from July 18

An historic endeavor to battle the epidemic of financial and tax crimes has been launched, according to India’s energetic Finance Minister Indira Nirmala Sitharaman. This historic undertaking, which will begin on July 18, is a pivotal moment in India’s unrelenting quest of justice and financial transparency.

Nirmala Sitharaman, the union finance minister, stated on Sunday that India would begin a pilot program on tax and financial crime investigation on July 18. India is taking the lead in developing capacity in tax and financial crime investigation in the South Asia area.

At a G20 side event held at GIFT City, Sitharaman declared, “It gives me immense pleasure to announce the launch of the pilot program on tax and financial crime investigation in collaboration with OECD for the South Asian Region starting from July 18, 2023 at the Regional Campus of National Academy of Direct Taxes in New Delhi.”

She warned the audience that financial crimes including tax evasion, corruption, and money laundering are inextricably linked.

She urged the G20 members to be aware of the escalating threats to financial transparency and stated: “In this context, the progress of work towards the development of the Crypto-Asset Reporting Framework and the update to the Common Reporting Standard is a welcome step.”