India and Mauritius have signed a Memorandum of Understanding to enhance cooperation in combating financial crimes, including money laundering and asset recovery. This agreement, signed during Prime Minister Narendra Modi’s visit to Mauritius, strengthens international collaboration against financial crime while empowering both nations to share best practices and technological assistance.
On March 13, 2023, India and Mauritius made significant strides in combating financial crimes by signing a Memorandum of Understanding (MoU) between the Enforcement Directorate (ED) and the Financial Crimes Commission (FCC) of Mauritius. This agreement was facilitated during Indian Prime Minister Narendra Modi’s state visit to Mauritius and aims to strengthen cooperation in addressing money laundering, corruption, fraud, asset recovery, and financing of illegal activities.
The MoU represents an important advance in international collaboration against financial crime, enhancing the coordinated approach necessary to tackle transnational financial threats. It corresponds with India’s ongoing commitment to global financial integrity and the prevention of illicit assets from evading justice, in alignment with the Financial Action Task Force (FATF) recommendations.
During the MoU signing, ED Director Rahul Navin emphasized the agency’s expertise in financial crime investigations and its commendable conviction rate in money laundering cases. He highlighted India’s Prevention of Money Laundering Act, 2002 (PMLA) as a critical framework, particularly the provisions that allow asset restitution even in ongoing trials, showcasing ED’s capability in asset tracing and recovery, with a restitution amount of Rs 2.6 billion to victims.
In their discussions, both the ED and FCC leaders agreed on collaboration to detect, investigate, and prosecute cross-border money laundering activities. This cooperation includes sharing information, best practices, and providing technological support to improve capabilities, thereby fostering deeper economic and security ties between India and Mauritius.
The importance of exchange programs, sharing experiences, and training opportunities for officers from both organizations was also addressed, as they aim to bolster their technical proficiency in data seizure and analysis. The ED’s commitment to international partnerships is central to their strategy for a collective response to the challenges of financial crimes and asset recovery.
The signing of the MoU between India’s Enforcement Directorate and Mauritius’ Financial Crimes Commission marks a pivotal development in international collaboration against financial crimes. By enhancing cooperative frameworks, both nations aim to effectively tackle issues such as money laundering and asset recovery, reinforcing their commitment to maintain financial integrity and accountability on a global scale.
Original Source: www.aninews.in
