Expressing India's commitment to fight financing of terrorism, Reserve Bank of India Governor Y V Reddy has said that the country fully endorsed the UN Security Council's resolution on Combatting Financing of Terrorism.

India has already enacted a comprehensive Prevention of Money Laundering Act and introduced adequate legal and institutional framework to address these issues, Reddy said, restating India's commitment to fight abuses of financial systems.

Reddy said the Indian government commended the International Monetary Fund and the World Bank for adoption of a comprehensive single assessment methodology for combating money laundering and financing of terrorism.

He also pointed out to the fact that the developing countries have already put in place adequate legal and institutional framework to combat the menace and enacted necessary comprehensive laws to tackle the issue.