New Delhi [India], March 13 (ANI): India and Mauritius on Thursday took a significant step towards strengthening their cooperation in tackling financial crimes.
The Enforcement Directorate (ED) and the Financial Crimes Commission (FCC) of Mauritius have signed a Memorandum of Understanding (MoU) to boost collaboration in combating money laundering, corruption, fraud, asset recovery, and the funding of illegal activities, the agency said.
The MoU was exchanged in the presence of Prime Minister Narendra Modi and the Prime Minister of Mauritius, Navinchandra Ramgoolam, as part of the former’s state visit to Mauritius.
This agreement marks a crucial step towards enhancing international cooperation in financial crime enforcement and ensuring a more coordinated approach to tackling transnational financial threats.
By strengthening its partnerships with key international agencies, India is reinforcing its commitment to global financial integrity and ensuring that illicit assets do not remain beyond the reach of justice.
This agreement aligns with India’s broader efforts to enhance international cooperation in asset recovery, as outlined in its commitments under the Financial Action Task Force (FATF) recommendations and other global anti-money laundering frameworks.
During the discussions held at the time of the MoU’s signing, ED Director Rahul Navin highlighted the agency’s expertise in financial crime investigations, its high conviction rate in money laundering trials, and its successful track record in asset tracing, confiscation, and recovery.
He underscored the legal mechanisms under India’s Prevention of Money Laundering Act, 2002 (PMLA)–particularly Section 8(7), which provides for non-conviction based and 8(8), which empowers Special PMLA Courts to safeguard the interests of victims by enabling asset restitution even during the pendency of trials.
ED has also implemented robust internal guidelines and standard operating procedures to ensure the fair and transparent distribution of recovered assets, particularly in cases involving bank frauds and Ponzi schemes.
The ED Director also highlighted how the ED has successfully restituted assets to the victims, amounting to Rs 2.6 billion.
During the discussions, the ED chief and acting DG of the FCC said that the agency and FCC will work together to detect, investigate, and prosecute cross-border money laundering offenses.
They will also exchange information, share best practices, and provide technological assistance to enhance their capabilities. The collaboration will contribute to broader economic and security cooperation between India and Mauritius.
“They also underlined the significance of exchange programmes, experience sharing and trainings and skill building of officers of both organizations. Discussions were held on how ED can assist FCC by providing technological assistance and sharing their digital forensic tools and best practices, towards ensuring better data seizing and extraction, and more productive data analysis,” mentioned the ED in a statement.
“Options were also explored towards cooperation between both countries on various international platforms.”
ED further said it remains committed to working closely with international partners to ensure an effective and coordinated response to financial crimes and asset recovery challenges. (ANI)
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