Friday, June 6, 2008

Bill to curb money laundering

Special Correspondent

NEW DELHI: In a tough measure against money laundering, the Centre on Thursday decided to bring casinos, international credit card payment gateways such as VISA and MasterCard, full-fledged money changers (FFMCs) and money transfer service providers (MTSPs) such as the Western Union under the purview of Indian laws.

The Cabinet approved the amendment of the Prevention of Money Laundering Act (PMLA) which would make it mandatory for these financial intermediaries to report all suspected transactions involving international transfers. A new category of offences having cross-border implications is also to be added to the provisions of the Act to prevent the transfer of funds related to international crime.

Meeting obligations

Information and Broadcasting Minister Priyaranjan Dasmunsi said: “The Amendment Bill will enable the government to meet certain domestic needs and international obligations.”

Under the Act in its present form, only banks and other financial institutions are mandated to report suspicious transactions regularly to the financial intelligent unit (FIU) set up under the Finance Ministry. After scrutiny, such transactions are forwarded by the FIU to enforcement agencies for action. The decision to amend the PMLA has been taken following reports of transfer of funds through credit cards by a number of persons with a criminal background. This apart, certain traders are engaged in under-invoicing of export bills.

Such deals do not come under the purview of the Act currently. In effect, through money laundering, monetary proceeds derived from criminal activity can be transformed into funds with an apparently legal source such as these financial intermediaries. An official statement pointed out that under the PMLA or any of the existing Indian Acts, FFMCs, MTSPs and international payment gateways are not within the ambit of reporting regime.

New definitions

To plug this loophole, “new definitions of ‘authorised person’ and ‘payment system operator’ are proposed to be incorporated and the definition of ‘Financial Institution’ is to be amended.”

© Copyright 2000 - 2008 The Hindu

Courtesy_
http://www.thehindu.com

No comments:

Post a Comment

Search our Blog here

Google
 

Disclaimer


This Blog Spot is meant for publishing the Ordinance, Act, Bye-laws, Rules being promulgated by the Govt. which are taken from the Renowned Dailies, Periodicals, Magazines, so as to create an awareness to the general public and also to keep it as a ready reckoner by them. So the readers may extend their gratitude towards the ORIGINAL Author as we quoted at the bottom of each Post under the title "Courtesy". Furthermore, the Blog Authors are no way responsible for the correctness of the materials published herein and the readers may verify the concerned valuable sources.



Labels

2010 (1) 2012 (2) 2013 (3) 2014 (4) 2015 (1) 2016 (1) 2017 (1) 6th Pay Commission Report (1) A (H1N1) (1) Act (14) Administrative Tribunals (1) ADRM (1) Adult (1) Advocate (3) Age (2) AIMPLB (2) All-India Bar Examination (1) Amendment (8) Andhra Pradesh (2) Announcement (6) Anti-quackery Act (2) Anti-ragging (1) Anti-smoking Act (2) Anti-spam Laws (1) Anticipatory Bail (1) Appointments (1) Arbitration (2) Argentina (1) Arguments (1) Ariankuppam (1) Arrest (2) Article (6) Autonomous (1) Bail (2) Ban (6) Bangalore (1) Banks (5) Bar Council of India (1) Bare Acts (1) Benami Transactions (Prohibition) Act (2) Bill (20) Boilers (1) Borewells (1) Budget (1) Building (2) Bye-laws (1) Cabinet (1) Calls (1) CAT (1) Censor (1) Chemicals (1) Chennai Corporation (1) Cheque (3) Cheque Bounced (2) Child (6) Child Commission Report (1) Child Labour (1) Child Marriage (1) Cigarettes (3) Circulars (1) Civil (1) Civil Judge (1) Climate Change Trust Fund Act 2010 (2) Clinical establishments (1) Colleges (1) Companies Act (7) Companies Bill (1) Compensation (1) Constituencies (2) Contempt of Court (1) Coparcenary (2) Corporal (1) Corruption (1) Cosmetics (1) Counterfeit (1) Court (3) Cr.P.C. (5) Credit Card (3) Criminal (4) CTS-2010 cheques (1) Cyber Crimes (1) Damages (1) Debate (1) Debit Card (1) Delhi High Court (1) Delimitation (1) Demonetisation (1) Dhoti (1) Dinamani (1) Direct Taxes Code (1) Directory (1) Distance Education (1) District Judges (1) Divorce (3) Documents (1) Domestic Violence Act (1) Dowry Prohibition Act (1) Dozing (1) Draft (1) Draft Model Tenancy Act 2015 (1) Dress Code (1) Driving Licence (1) Drugs (2) DV Act (1) E-mail (1) Economic Offences (1) Education (8) Elder (1) Election (8) Electronic Media (1) Employment (1) ENT (1) Environment (4) EPIC (1) Evidence (1) Evidence Act (1) EVMs (2) eWaste (1) Exit Polls (2) Fake (1) FAQs (1) Father (1) FDI (1) Fees (1) Female Heirs (1) FEOA (1) Films (1) Finance (3) Finance Ministry (2) Fined (2) Food (1) Foreign Investors (1) Frontline (3) Fugitive Economic Offenders Act (1) Gazette (5) Gift (1) Google (1) Goondas (1) Governor (1) Green Bench (1) Green Tribunal (1) Hawkers (1) Health (2) Health Ministry (4) Heinous Offences (1) High Court (3) High polluted vehicles (1) Hindu (2) Hindu Marriage Act (1) Hindu Succession Act (3) Hindus (3) Home Ministry (1) House Panel (2) HRD (2) ICICI (1) ID Act (1) Illegal Money Lending (2) IMDT Act (1) Imprisonment (1) Income Tax (2) Indecent representation (1) India Corporate Week (1) Indian Kanoon (1) Indian Medical Association (1) Industry (2) Information (3) Inquiry Bill (1) Institute (1) International Arbitration (1) Internet (2) IPC (1) IT Act (1) IT Employees (1) Jail (1) Jallikattu (1) JIPMER (1) Judges (7) Judiciary (5) Jurisdiction (1) Jurisprudence (1) Juvenile Justice Bill (1) Kerala (1) Kidney (2) Labour (4) Labour Department (2) Land Acquisition Bill (2) Landlords (1) LARR Act (2) Law (4) Law Commission (11) Law Courses (1) Law Ministry (7) Lawyers (3) Legal Heir (1) Legal Practitioners Act (1) Legal Practitioners Act 2010 (1) Legislative Council (1) Levy (1) Limited Liability Partnership (1) Littering (1) Lok Pal (1) Lok Sabha (3) Madras High Court (2) Maharashtra (1) Manual Scavenging (1) Manufacture (1) Manupatra (1) Marriage (10) Medicial Certificate (1) Medicine (1) Mercy killing (1) Merger Plan (1) Minor (2) Misuse (1) MMS (1) Mobile Courts (2) Mobile Phone (3) Money (2) Money Laundering (1) Money Lenders Act (1) MPs (1) MS Act (1) Muslim (3) Muslims (1) MV Act (1) NASVI (1) National Food Security Act (1) National Green Tribunal (1) National Judicial Appointment Commission (1) National Judicial Council (3) Nationalisation (1) NCW (1) NDNC (1) Negotiable Instruments Act (2) New Master Plan (1) New States (1) NGO (1) Nikahnama (1) No car if no parking space (1) Non-CTS-2010 cheques (1) Notifications (3) NRI (1) Nuclear Damage Bill 2010 (1) Nuisance (1) Ombudsman (1) Online Learning (1) Opinion Polls (1) Ordinance (3) Organ Transplant Law (2) P-notes (1) Pakistan (1) PAN (1) Panchayat (1) Parents (2) Parliament (9) Participatory Notes (1) Partnership Act (2) Patent (1) Payment of Wages Act (1) Peeing (1) Personnel (1) Pharmaceutical (1) Phone (3) PIL (1) PIN Number (1) Plantation Labour Act (1) Plastic (1) PMLA Act (1) Police (3) Pondicherry (8) Pondicherry Code (1) Pondicherry Settlement Act (1) Powers of Attorney (1) Pranab Mukherjee (1) President (3) Prevention of Anti-social Activities Bill (1) Private Schools (2) Property Laws (3) Property tax (1) Public Grievances (1) Puducherry Registration of Marriage Bill (1) Puducherry State Universities Bill (1) Punishment (1) Ragging (1) Railway (2) Rajya Sabha (1) RBI (4) Real Estate Act (1) Recruitment (1) Regional SC Bench (2) Registration (7) Regulations (1) Rehabilitation and Resettlement Bill (1) Rent (2) Rent Control Act (2) Repeal (1) Repealing and Amending (Second ) Act (1) RERA Act (1) Retirement (1) Rights (2) RTE Act (1) RTE Bill (1) RTF Act (1) RTI Act (1) Rules (4) Sachar Commission (1) Sale (1) SAT (1) SBI (1) SBS (1) Scam (1) Schools (3) Screening (1) SEBI (1) Service Tax (2) Sex Scandal (1) Sexual Harassment (1) Sim Card (1) Sleeping (1) Slideshow (1) Smokers (1) Smoking (4) SMS (3) Software (1) Special Marriage Act (1) Spitters (1) Stamp Act (1) State Funding (1) States (1) Street Vendors (1) Succession Act (1) Suicide (1) Supreme Court (13) Swine flu (1) Talaq (1) Tamil Nadu (14) Tax (4) Telangana (1) Tenants (1) The Hindu (3) The Right to Fair Compensation and Transparency in Land Acquisition (2) Tobacco (4) Trade Unions (1) Transport (1) Tribunals (1) TRIPS (1) Trust Act (1) UGC (1) Union Cabinet (1) Universal Civil Code (1) Urban Development (2) Urban Ministry (2) Urinating (1) USA (2) Vacation (1) VAT (1) Vice-President (1) West Bengal (1) Who's Who (1) Wikipedia (4) Women (7) World No Tobacco Day (1) WTO (1) Youth (1) YouTube (1)