The Enforcement Directorate has been overloaded with 5,400 probes filed under the Prevention of Money Laundering Act (PMLA), 992 of which are pending for prosecution and only 25 have seen conviction. The 1956 agency is also responsible for Foreign Exchange Management Act, which has up to 8,000 filings till date. The agency is working hastily as its due evaluation of 2019 by FATF is set for 2023, which will be a deciding factor for India’s access to IMF and low-interest-rate World Bank funds.
