ASSOCHAM and ICMAI Collaborate to Combat Money Laundering and Enhance Stakeholder Capacity



NEW DELHI, 25th May 2023 – The Associated Chambers of Commerce & Industry of India (ASSOCHAM) and the Institute of Cost Accountants of India (ICMAI) have joined hands through the signing of a Memorandum of Understanding (MoU). This strategic collaboration aims to drive professional and organisational development in the realm of money laundering prevention and related transnational financial crimes. By jointly identifying and implementing capacity-building initiatives, promoting awareness, and offering diploma and certificate programs, the partnership seeks to foster good governance and ensure greater transparency in the economy.

The alliance leverages the expertise of both ASSOCHAM and ICMAI to collaborate on a range of endeavors, including education, research, training, and other activities that facilitate the fair and transparent implementation of the Prevention of Money Laundering Act, 2002, and associated laws and regulations. By aligning their objectives with the PMLA Act, organisations strive to address multiple facets within this domain. It is important to note that this partnership is non-binding and non-exclusive, emphasising a flexible and cooperative approach towards promoting education and awareness about money laundering, with the ultimate goal of eradicating intentional and unintentional financial crimes from the economy.

ASSOCHAM and ICMAI will explore the utilisation of Massive Open Online Courses (MOOCs) and in-person learning methodologies to facilitate professional development and deliver capacity-building programs, seminars, webinars, dialogues, and discussions. The alliance will actively share case studies and national surveys pertaining to financial crimes in India and abroad, with a specific focus on the Prevention of Money Laundering Act, of 2002. Additionally, the organisations will collaborate on research, knowledge exchange, and joint publications in areas such as money laundering, economic and financial crimes, and forensics.

The MoU was signed by CMA Vijender Sharma, President of ICMAI, and Mr. D. S Rajora, Assistant Secretary General of ASSOCHAM, in the esteemed presence of officials from both institutions.

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