India and Mauritius signed an MoU to combat financial crimes, enhancing cooperation in money laundering, corruption, and asset recovery. The agreement reflects India’s commitment to international financial integrity and is aligned with FATF recommendations. ED showcased its legal frameworks for asset recovery during the MoU signing.
On March 13, India and Mauritius strengthened their collaboration against financial crimes by signing a Memorandum of Understanding (MoU) between the Enforcement Directorate (ED) and the Financial Crimes Commission (FCC) of Mauritius. This agreement, facilitated during Prime Minister Narendra Modi’s state visit to Mauritius, aims to enhance joint efforts in combating money laundering, corruption, fraud, illegal funding, and asset recovery.
The MoU emphasizes a coordinated approach to tackle transnational financial threats, reinforcing India’s commitment to global financial integrity and justice. This initiative is in line with India’s objectives under the Financial Action Task Force (FATF) recommendations towards improved international asset recovery cooperation.
During the MoU signing, ED Director Rahul Navin showcased the agency’s strengths in financial crime investigations and its legal framework, highlighting the Prevention of Money Laundering Act, 2002 (PMLA). Specific sections of the PMLA empower courts to enable asset restitution even when trials are ongoing, underscoring India’s robust asset recovery mechanisms.
ED has established comprehensive guidelines for the equitable distribution of recovered assets, particularly in cases of bank frauds and Ponzi schemes, having restituted around Rs 2.6 billion to victims. The discussion also covered collaboration between the ED and FCC in detecting and prosecuting cross-border money laundering, emphasizing information sharing and technological support to enhance investigative capabilities.
The leaders also discussed the importance of exchange programs, training, and skill development for officers from both organizations. Options for cooperation on international platforms were explored, with ED reaffirming its dedication to collaborating with global partners to address financial crimes and asset recovery challenges effectively.
The signing of the MoU between India’s ED and Mauritius’ FCC marks a pivotal advancement in fighting financial crimes collaboratively. By establishing a framework for cooperation, the two agencies aim to enhance detection, investigation, and prosecution of financial offenses, contributing to global financial integrity and asset recovery efforts.
Original Source: www.aninews.in
