The enforcement directorate (ED) has pitched for a nodal coordinating agency to deal with black money cases, given the NDA government’s push to unearth at any cost Indian money stashed illegally abroad and at home.
As of now, there is no agency to coordinate and disseminate information among agencies probing black money cases — with the ED as the lead agency.
The directorate has asked for a domestic coordination agency because “various agencies are working on the same case and yet not sharing case information with each other,” according to official documents accessed by HT.
“At present, there is no such coordinating body.”
The demand for a nodal agency was raised at the January 7 meeting of the special investigation team (SIT) on black money in Ahmedabad.
The SIT was told that the new agency, if at all it formed, should be backed by law.
“Money laundering investigations get severely delayed as the ED comes into the picture only after various organisations like the CBI, the economic offences wing and other law enforcement agencies complete their investigations,” the documents say.
The ED wants a set of protocols for all agencies to share information.
A coordinating agency is needed to fulfill recommendations from the Financial Action Task Force (FATF), the Paris-headquartered inter-governmental body set up in 1989.
It suggests and oversees measures to combat money laundering, terror financing and other related threats to the international community.
India is a FATF member and the agency will review implementation of its recommendations in 2017.
The ED has been for long pointing out the FATF recommendations for a coordination agency.
“It will be embarrassing before the FATF if we cannot have an up and working agency before 2017,” a government source said.