Silver Notice 'more effective' than Mutual Legal Assistance Treaties for info on offshore illicit wealth: CBI Director
Interpol 'Silver Notice' a «more effective» tool than the Mutual Legal Assistance Treaties (MLATs) for gathering information on illicit assets parked offshore, CBI Director Praveen Sood has said it was Prime Minister Narendra Modi's idea, which has now been realised. In an exclusive interaction with PTI, he said Prime Minister Modi had proposed in 2015 a system under the Interpol to trace money laundered offshore, and it has now taken shape as the Silver Notice.
The Notice, aimed at locating illicit assets laundered across borders, is the newest addition to the Interpol's suite of eight colour-coded Notices and Diffusions, which enable countries to share alerts and requests for information worldwide.
Conventionally, the information on illicit assets is gathered through MLATs which are treaties between two countries whereby they cooperate to provide and obtain formal assistance in the prevention, suppression, investigation, and prosecution of crime.
Common complaints under MLAT include requests being transferred from one agency to another or one bank to another. Sometimes difficulties arise in obtaining a response because of a large number of requests.
India has MLATs with 45 countries, according to data on the Ministry of Home Affairs website.
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