NEW DELHI: Paris-based Financial Action Task Force has asked India to reduce the number of pending trials in money laundering cases. In its mutual evaluation report released on Thursday, the money laundering and terror financing watchdog said India must increase conviction-based confiscations. The report notes that the Enforcement Directorate has made non-conviction based seizures to the tune of Rs 16,497 crore from FY19 to FY23, while confiscations based on convictions were worth Rs 39 crore. During the five-year period, the ED started 4,163 investigations, of which 28 cases ended in conviction. In 132 cases, the ED decided to not probe further.According to the report, the number of investigations has been increasing but the number of prosecution complaints has not kept pace. To increase the rate of conviction, the FATF suggested that India enhance resourcing for ED and specialised courts to be able to swiftly conclude pending prosecutions and sustain timely investigation, prosecution, and conviction.
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