In a bid to make money-laundering law more stringent, finance minister Pranab Mukherjee on Tuesday introduced in Lok Sabha a bill to widen the definition of the offence include concealment and use of proceeds of crime besides removing the Rs five lakh fine cap in the present law.
The long awaited prevention of money laundering (amendment) bill also sought to provide for attachment and confiscation of proceeds of money laundering crime even if there is no conviction as long as the offence is proved.
It proposes to introduce the concept of ‘reporting entity’ to include banks, financial institutions and intermediary or a person carrying on a designated business to ensure better flow of information on money laundering.
The amendments to the existing money-laundering law is to fulfil international obligations under the political declaration and global programme of action adopted by United Nations general assembly to prevent money laundering.
India is a member of the financial action task force and Asia Pacific group on money laundering, which are committed to the effective implementation and enforcement of globally accepted standards against money laundering and financing of terrorism.
This amendment proposed to link the provisions of Indian law with the laws of foreign countries and provide for transfer of proceeds of the foreign predicate offence in manner in India.
The bill also provides for appeal against the orders of the Appellae Tribunal directly to the Supreme Court.
The long awaited prevention of money laundering (amendment) bill also sought to provide for attachment and confiscation of proceeds of money laundering crime even if there is no conviction as long as the offence is proved.
It proposes to introduce the concept of ‘reporting entity’ to include banks, financial institutions and intermediary or a person carrying on a designated business to ensure better flow of information on money laundering.
The amendments to the existing money-laundering law is to fulfil international obligations under the political declaration and global programme of action adopted by United Nations general assembly to prevent money laundering.
India is a member of the financial action task force and Asia Pacific group on money laundering, which are committed to the effective implementation and enforcement of globally accepted standards against money laundering and financing of terrorism.
This amendment proposed to link the provisions of Indian law with the laws of foreign countries and provide for transfer of proceeds of the foreign predicate offence in manner in India.
The bill also provides for appeal against the orders of the Appellae Tribunal directly to the Supreme Court.
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