India Financial Action Task Force (FATF) The world body dealing with money laundering and money terror financing, has credited the Enforcement Directorate (ED) of India with taking proactive actions in asset recovery and investigation of financial crime. FATF in its recently published 340-page report on Asset Recovery Guidance and Best Practices, has been delighted by the efforts made by India in tracing, seizing, and repatriating proceeds of crime to victims, and the effective enforcement of the Fugitive Economic Offenders (FEO) Act.
The FATF report noted how the ED was fast and efficient in handling different high-profile cases such as those related to cryptocurrency fraud, cybercrime, ponzi schemes, and fugitive financiers. The international community appreciated the ED effort in making sure the assets acquired through a criminal act are identified, frozen, seized, and used to benefit the population.
Among the cases that were noted in the report was that of a Maharashtra-based cooperative bank that was accused of diversion of funds and fraud on a large scale. The ED had been able to recover benami assets worth 280 crore through the auction of confiscated properties that helped in compensating the victims of the scam. Interestingly, FATF indicated that the seized properties have been used to construct a new airport, a move that symbolically shows how the reclaimed assets are being used to enhance the infrastructure of India and benefit the people at large.
In the opinion of FATF, India has played a significant role in the global asset recovery activities, which have received wide recognition. In the statement, the ED explained that its operational skills and the legal system of the Prevention of Money Laundering Act (PMLA) were very instrumental in making FATF see the world in its own way. The contributions especially touched on areas that pertained to value-based confiscation, provisional attachment, and inter-agency collaboration.
The FATF appreciation highlights the fact that India is increasingly becoming the Financial Governance global leader and the interest of India in fighting economic offences with robust legal and institutional frameworks.
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