'ED must get adequate resources to fight money laundering'

New Delhi, May 1 (IANS) President Pranab Mukherjee Thursday said the Enforcement Directorate (ED) should get adequate resources in terms of money and manpower, technology and legal expertise to help it fight money laundering.

Speaking on the occasion of the ED's foundation day at the Vigyan Bhavan here, Mukherjee said the agency must adopt "state-of-the-art technology in relevant areas such as communications, technical infrastructure and computer forensics."

"Money can nowadays move very quickly across national borders. To stay ahead of the curve, the Enforcement Directorate should develop expertise in financial investigations and detection of cross border flows," said Mukherjee.

The ED has been carrying out sensitive work, which requires a high degree of responsibility and confidentiality and hence, it "should get adequate resources in terms of money and manpower, technology and legal expertise, so it can effectively fight against money laundering.

The cornerstone of any democracy is the respect for law and order in that country, including compliance to the economic laws. It is essential for economic activities to be in accordance with the legal framework and national priorities," the president said.

"Effective measures against money laundering and terror financing are essential in today's global economic and security environment, and these are rightly being addressed on a priority by most of the countries."

"India too has put in place a strong anti-money laundering legislation - the Prevention of Money Laundering Act."