New Delhi: The government said Friday that the enforcement directorate (ED) has not pitched for a nodal coordinating agency to deal with black money cases stashed illegally aboard and at home. Minister of State (MoS) Finance Jayant Sinha informed the Lok Sabha that the ED which is mandated with enforcing the Prevention of Money Laundering Act (PMLA), 2002, has not called for a nodal agency to deal with balck money.
The minister further said that the initiation of any action by the ED under PMLA is subject to registration of a case of commission of a predicate offence which is 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 involved in money laundering is attached by the ED and persecution complaint is filed in designated special courts,” the minister said in a written reply to the Lok Sabha.
The minister added that there are other legal forums such as adjudicating authority, appellate tribunal under PMLA, special courts and high courts which are involved in the scheme of PMLA 2002. “However, ED makes all sincere efforts to bring the PMLA cases to logical conclusion in a time bound manner,” the minister added.