Govt brings cybercrime centre I4C under PMLA

Context

• The government has authorised Indian Cyber Crime Coordination Centre (I4C) to share and receive information from the Enforcement Directorate under the anti-money laundering law, a move aimed at detecting money trail and combating cyberfrauds.

• In a notification dated April 25, the Revenue Department under the Finance Ministry included I4C under Section 66 of the Prevention of Money Laundering Act.

• This would help I4C to share and receive information from the Enforcement Directorate and other law enforcement agencies. This would help identify the masterminds behind cyberfrauds.

Indian Cybercrime Coordination Centre (I4C)

• I4C has been established under the Ministry of Home Affairs (MHA) to deal with cybercrime in the country in a coordinated and comprehensive manner.

• The I4C focuses on tackling issues related to cybercrime for citizens, including improving coordination between various Law Enforcement Agencies (LEAs) and stakeholders.

• The centre is located in New Delhi.

The Prevention of Money Laundering Act (PMLA), 2002 was enacted in January, 2003.

• The Act seeks to combat money laundering in India and has three main objectives:

1To prevent and control money laundering

2To confiscate and seize the property obtained from the laundered money; and

3To deal with any other issue connected with money laundering in India.

• PMLA empowers the Directorate of Enforcement (ED) to carry out investigations in cases involving offence of money laundering and also to attach the property involved in money laundering.

• ED is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.

• It was formed as an Enforcement Unit, in the Department of Economic Affairs, under Ministry of Finance for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947.