India and the US have joined hands to crack down on the financial network and fund raising activities of Pakistan-based terror outfits.
"India and USA have agreed to work together to crack the financial network and fund raising activities of Pakistan- based terror outfits and individual terrorists associated with these organisations under the Framework of Indo-US Bilateral discussion," Minister of State for Home RPN Singh informed Lok Sabha in reply to a written question.
The India-US bilateral meeting, held on the sidelines of the Financial Action Task Force (FATF) in October 2013, facilitated exchange of such information between concerned agencies of both the countries.
Singh said India and the US have also agreed to have cooperation between their agencies in fighting against counterfeit currency and illegal financial transactions under the aegis of the India-US Homeland Security Dialogue.
A sub group of "illicit finance, illegal smuggling of cash, financial fraud and counterfeiting" has been formed to work with the areas of information exchange, capacity building and technical/ research cooperation.
"US Homeland Security and Indian agencies are working together to investigate sources of material and technologies used in the production of FICN," he said.
