FATF Recognizes India's Asset Recovery Framework and ED's Role
The Financial Action Task Force (FATF) has praised India's asset recovery system, highlighting the Enforcement Directorate's (ED) effectiveness in tracing and confiscating criminal proceeds. The FATF report cites several Indian cases and commends India's legal framework, inter-agency coordination, and use of technology in asset recovery.
The Financial Action Task Force (FATF), the global watchdog for anti-money laundering and counter-terror financing, has recognized India's robust asset recovery initiatives in its latest report. The report specifically commends the Enforcement Directorate (ED) for its significant successes in recovering assets linked to financial crimes. Multiple Indian cases are featured, illustrating effective legal frameworks and high levels of inter-agency cooperation. The FATF highlights India's ability to swiftly freeze, attach, and confiscate criminal proceeds even before conviction, thanks to the Prevention of Money Laundering Act (PMLA). The report also notes India's use of innovative tools such as value-based confiscation and blockchain analysis in virtual asset seizures. The ED's work is described as a model for other countries, with the FATF calling India among the few jurisdictions with strong legal and operational systems for asset recovery. The report serves as a benchmark for countries to enhance their national frameworks and align with emerging best practices in asset recovery.
