ED Investigation on Black Money

The Enforcement Directorate (ED) has not pitched for a nodal coordinating agency to deal with black money cases stashed illegally aboard and at home. The ED is mandated with the task of enforcing Prevention of Money Laundering Act (PMLA), 2002. Initiation of any action by the Enforcement Directorate under PMLA is subject to registration of a case of commission of a predicate offence included in the Schedule of PMLA by any other Law Enforcement Agency. Overseas investigations are also required to be conducted in certain cases which is again a time consuming process. Upon investigation, the assets/property involved in money laundering is attached by the Directorate and persecution complaint is filed in designated Special Courts. Further, there are other legal forums such as Adjudicating Authority under PMLA, Appellate Tribunal under PMLA, Special Courts, High Courts etc. which are involved in the scheme of PMLA 2002. However, Enforcement Directorate makes all sincere efforts to bring the PMLA cases to logical conclusion in a time bound manner.

 This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.