Govt Empowers I4C to Combat Money Laundering

Govt Empowers I4C to Combat Money Laundering

Why in the News ?

The Indian government has authorised the Indian Cyber Crime Coordination Centre (I4C) to share and receive information with the Enforcement Directorate under PMLA. This aims to strengthen efforts in tracing money trails and tackling rising cyberfraud cases.

Govt Empowers I4C to Combat Money Laundering

I4C Brought Under PMLA Framework:

  • On April 25, the Finance Ministry’s Revenue Department issued a notification under Section 66 of the Prevention of Money Laundering Act (PMLA).
  • Indian Cyber Crime Coordination Centre (I4C) has now been empowered to share and receive information with the Enforcement Directorate (ED) and other law enforcement agencies.
  • This move enhances coordination between cybercrime investigations and money laundering probes.

Purpose and Expected Impact

  • The main aim is to detect money trails linked to cyber frauds and identify masterminds behind financial cybercrimes.
  • It will facilitate real-time information exchange to speed up investigations and enforcement actions.
  • Better data-sharing is expected to improve tracking of illegal funds across digital platforms and networks.

About I4C and Its Role:

●      I4C was established to deal with all types of cybercrime in a coordinated and comprehensive manner.

●      It acts as a nodal agency supporting law enforcement agencies across the country in cybercrime investigations.

●      Under the new provision, I4C will contribute actively in dismantling cybercrime syndicates involved in money laundering activities.