FATF report on asset recovery lauds ED’s swift action in cases

New Delhi: The Financial Action Task Force (FATF) on Wednesday released a report on ‘asset recovery’ in criminal cases, lauding India’s efforts to seize and restitute the proceeds of crime to the victims, besides implementing a law on confiscating properties of the fugitives.

FATF released its 340-page report titled “Asset Recovery Guidance and Best Practices”. (REUTERS)

The global watchdog for money laundering and terror financing particularly cited the Enforcement Directorate’s (ED) “swift” action in various cases, ranging from crypto-currency related frauds to cyber crimes and ponzi schemes and in different circumstances – domestic, international and while dealing with those fugitives who have fled the country.

Citing the 340-page report on “Asset Recovery Guidance and Best Practices” of Paris headquartered FATF, ED said in a statement on Wednesday: “The report outlines practical measures for policy makers and practitioners to identify, trace, freeze, manage, confiscate and return assets derived from criminal activity… The guidance serves as a benchmark for countries to enhance their national frameworks and align with emerging best practices.”