Money laundering

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Enforcement Directorate

Enforcement Directorate What is an Enforcement Directorate (ED)? Enforcement Directorate (ED) is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance. On 1st May 1956, an ‘Enforcement Unit was formed in the Department of Economic Affairs for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947. In 1957, it was renamed as ‘Enforcement Directorate. ED enfor

Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG)

EAG Meeting Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) is a regional body comprising nine countries. Members - India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus. It is an associate member of the FATF. Recently India has participated plenary virtual meeting of EAG, under the aegis of the Financial Action Task Force. In the meeting India plans to share more evidence with the key FATF members on the narco-terror c

28 June, 2020
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Fugitive Economic Offenders Act, 2018

Fugitive Economic Offenders Act, 2018 Paper-3- Economics (Mains) Recently, assets worth Rs. 329.66 crore of the Punjab National Bank (PNB) fraud mastermind Nirav Modi have been confiscated under Section 12(2) and (8) of the Fugitive Economic Offenders Act, 2018. In this money laundering case, the Enforcement Directorate (ED) has so far attached properties valued at Rs. 2,348 crore. The properties were earlier attached under the Prevention of Money Lau

13 July, 2020
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Money Laundering

Money Laundering What is Money Laundering? Money Laundering refers to converting illegal earned money into legitimate money. The government does not get any tax on the money because there is no accounting of the black money. So Money Laundering is a way to hide the illegally acquired money. The term "money laundering" originated from the Mafia group in the United States of America. Mafia groups have made huge amounts of extortion, gambling, etc. and this money is shown

Money Laundering UPSC

Money Laundering What is Money Laundering? Money Laundering refers to converting illegal earned money into legitimate money. The government does not get any tax on the money because there is no accounting of the black money. So Money Laundering is a way to hide illegally acquired money. The term "money laundering" originated from the Mafia group in the United States of America. Mafia groups have made huge amounts of extortion, gambling, etc. and this money is

Prevention of Money Laundering Act, 2002

Prevention of Money Laundering Act 2002 Recently, the Supreme Court denied a political leader's request to vacate his arrest by the Enforcement Directorate (ED) on money laundering accusations. What is money laundering? Money laundering is the process of making significant sums of money obtained through criminal activities, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. Large gains are made by illegal arms sales, smuggling, drug

Money Laundering

A report submitted by the Finance Minister in the Rajya Sabha revealed that since 2015, the Enforcement Directorate (ED) has taken up 5,892 cases under the Prevention of Money Laundering Act (PMLA), 2002, but has secured only 15 convictions. Meanwhile, the Supreme Court has emphasized that ED must follow the rule of law, urged the establishment of fast-track courts for PMLA cases, and recommended regulation of cryptocurrencies to prevent misuse without banning them outright. What is Mo

Decentralised Finance (DeFi)

In recent days, there has been a growing concern regarding the misuse of Decentralised Finance (DeFi) for illicit activities, especially by terrorist groups that may use DeFi platforms to raise funds, build infrastructure, or expand their networks. About Decentralised Finance (DeFi) What is DeFi? Decentralised Finance (DeFi) is an emerging financial system that leverages blockchain technology and cryptocurrencies to facilitate direct transactions between individuals and busines