India’s Enforcement Directorate (ED) and Mauritius Financial Crimes Commission (FCC) have signed an important agreement (MOU) to rein in illegal activities like financial offenses and money laundering. This agreement was reached in the presence of Prime Minister of India Narendra Modi and Prime Minister of Mauritius, Dr. Naveen Chandra Ramgulam.
The purpose of this agreement is to strengthen cooperation between the two countries in cases like money laundering, corruption, fraud, illegal funding and property seizure.
India will be strict about financial crimes
With this agreement, India is further strengthening its resolve to strictly and seizure illegal properties on financial crimes at the international level. This initiative of India is in line with promises made under FATF (Financial Action Task Force) and other global anti-mani laundering framework.
ED has given back assets worth Rs 2.6 billion to victims so far
During the agreement, the ED director said that under the Prevention of Money Laundering Act, 2002 (PMLA) in India, investigation and action has been strengthened. Illegal assets can be confiscated even before they are proved guilty through sections 8 (7) and 8 (8) of this law and the victims can be given back their rights. The ED has so far brought assets of Rs 2.6 billion to the victims.
Economic and security cooperation between India and Mauritius will be strengthened
During the agreement, ED and FCC officials discussed the exchange of joint operation, investigation, prosecution and digital forensic techniques. Both agencies agreed to share modern technology to raise data analysis and digital evidence. Also, there was talk of improving the investigation process further through training and exchange programs of officers. This partnership will not only control financial crimes, but also strengthen economic and security cooperation between India and Mauritius.
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