NEW DELHI: The Financial Action Task Force (FATF) acknowledged India’s efforts in recovering public assets lost to financial crimes, highlighting a money laundering case where land confiscated by the Enforcement Directorate (ED) was identified for the construction of a new airport that would serve the public.The acknowledgment comes in FATF’s latest 340-page report titled ‘Asset Recovery Guidance and Best Practices,’ cited by PTI, which documents how countries can strengthen their systems to trace, freeze, manage and return proceeds of crime. The Paris-based FATF sets global standards for combating money laundering and terrorist financing.“The report outlines practical measures for policy makers and practitioners to identify, trace, freeze, manage, confiscate and return assets derived from criminal activity…” it said. “The guidance serves as a benchmark for countries to enhance their national frameworks and align with emerging best practices,” the Enforcement Directorate (ED) said in a statement.The report references several ED investigations involving recovery and restoration of assets to victims. These include the alleged Rose Valley Ponzi scheme, a drug trafficking case where the US sought India’s assistance leading to seizure of Bitcoins worth Rs 130 crore, and coordination between the ED and Andhra Pradesh Police CID to restore Rs 6,000 crore to victims of an alleged investment fraud.Another case cited involves the alleged diversion of public funds in a Maharashtra-based cooperative bank. The ED restored benami assets worth Rs 280 crore to compensate affected account holders after auctioning the properties. According to officials, the report noted that the confiscated properties “have been identified as a site for construction of new airport, to build infrastructure in India for the benefit of society at large”.“The contribution of India and the ED to this global effort has been substantial and widely acknowledged,” the agency said, as quoted by PTI. It added that India’s legal framework under the Prevention of Money Laundering Act (PMLA), along with operational experience, shaped key aspects of the global guidance related to value-based confiscation, provisional attachment and inter-agency coordination.The ED said the inclusion of Indian case studies “underlines the credibility of India’s enforcement mechanisms and the value of its experience in shaping future global standards.”According to FATF, the guidance aims to bring “tangible” improvement in the confiscation and return of criminal assets by enforcement agencies worldwide.