NEW DELHI: In a strong endorsement of India's efforts to combat financial crimes, the Financial Action Task Force (FATF), a globalterror funding watchdog, has cited multiple examples from the country in its latest publication, and recognized the Enforcement Directorate's role in setting operational benchmarks for global asset recovery.
The latest publication of FATF namely "Asset Recovery Guidance and Best Practices", showcases India's effective framework for tracing, seizing, and returning assets derived from criminal activities.
The FATF report, which follows the most extensive reform of standards on confiscation and international cooperation in over three decades, provides a comprehensive roadmap for jurisdictions to strengthen their asset recovery systems.
India's examples, drawn from ED investigations, illustrate "how robust legal tools and coordinated enforcement can ensure justice for victims and uphold financial integrity."
Among the highlighted cases is an alleged investment fraud, where coordinated action between the ED and Andhra Pradesh Police led to the attachment and restoration of assets worth Rs 60 billion to victims.
The guidance also references another case, in which immovable properties worth Rs 17.77 billion, equivalent to proceeds of crime transferred abroad, were attached under the Prevention of Money Laundering Act (PMLA). These cases demonstrate India's effective use of value-based confiscation.
The guidance cites India's Fugitive Economic Offenders Act, 2018 as a model example of the "doctrine of fugitive disentitlement," enabling confiscation of properties belonging to offenders evading judicial processes. It also notes ED's proactive measures in a Ponzi Scheme case, where cryptocurrencies worth Rs 16.46 billion were seized and secured, alongside other assets worth Rs 4.89 billion. (ANI)
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