Lok Sabha approves changes to money laundering law
ENS Economic Bureau: New Delhi, Nov 30 2012, 01:11 IST
no conviction so long as it is proved that offence of money laundering has taken place and the property in question is involved in the act, the Statement of the Bill read.
Congress MP Sanjay Nirupam questioned whether the PMLA would apply to a minister or a former minister may favour a contractor using his position and later himself open a company, which gets funds from the same contractor as a return.
LEGAL ALIGNMENT
* The Bill drafted in the backdrop of India becoming a member of FATF seeks to bring domestic law in line with international law
* The removal of the penalty ceiling currently at Rs 5 lakh is in line with this objective
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