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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. I4C Brought Under PMLA Framework: On …
Read MoreWhy in the news? Heads of FATF, Interpol, and UNODC stress targeting illicit profits of transnational organized crime. Focus on preventing funds from facilitating conflicts, terrorism, and harming vulnerable populations. Issue raised at the 33rd Commission on Crime Prevention and Criminal Justice in Vienna. Leaders emphasize that reducing criminal profits aligns with the 2030 Sustainable …
Read MoreWhy in the news? The Supreme Court ruling limits the Enforcement Directorate’s (ED) power to arrest under the PMLA, impacting bail conditions for accused individuals. The judgement clarifies the procedural requirements for ED’s custody applications and future investigations. source:Livelaw About Enforcement Directorate (ED): Role: Domestic law enforcement and economic intelligence agency. Objective: Enforce economic laws …
Read MoreWhy in News? FATF Report on Virtual Assets Implementation Overview of FATF Findings: The Financial Action Task Force (FATF) conducted a survey on the implementation status of its requirements regarding virtual assets and virtual asset service providers (VASPs).The survey revealed that many countries are yet to fully implement FATF standards aimed at preventing the misuse …
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