FATF lauds India over asset recovery

THE global terror-funding watchdog, the Financial Action Task Force (FATF), has praised India's strong asset recovery system and the role of the Enforcement Directorate (ED) in tracing, seizing, and returning the proceeds of crime to victims.

- SUMIT KUMAR SINGH @ New Delhi

In its latest report titled Asset Recovery Guidance and Best Practices, released on Wednesday, the Paris-based FATF described the ED, led by senior IRS officer Rahul Navin, as a "model agency" known for its efficiency and coordination in recovering assets from criminal activities.

The FATF sets international standards to combat money laundering and terror financing. In its report, it said countries can improve their systems to trace, freeze, manage, and return illegal assets, and highlighted how India's approach offers useful lessons for others.

According to the report, India has played a "prominent role" in developing FATF's updated standards and guidance over the past two years. Officers from the ED were part of FATF project teams that drafted the new recommendations and participated actively in working group and plenary meetings where these changes were discussed and finalised.