ED seizures of alleged money launderers' assets to remain valid for 1 year

Interim Budget proposes amendment to law in a bid to allow probe agency more time

Seizure of assets of alleged money launderers, confiscated by the Enforcement Directorate (ED), could remain valid for up to one year, according to a new provision proposed for the Prevention of Money Laundering Act (PMLA).

On February 1, the interim Budget for 2019-20 proposed an increase in the time period of confiscation or attachment of assets to 365 days from 90 days at present. The move will provide probe agencies such as the ED more time to collect evidence and establish the crime against the offenders.

The rule will be applicable to the fugitive economic offenders as well, said an ED official. 

Currently,