Lok Sabha clears changes to anti-money laundering law

Nov 30 2012, 00:35 IST
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SummaryThe Lok Sabha on Thursday approved changes to the law against money laundering to widen the definition of the offence and to remove the existing Rs 5-lakh cap on penalty.

The Lok Sabha on Thursday approved changes to the law against money laundering to widen the definition of the offence and to remove the existing Rs 5-lakh cap on penalty.

The Bill, passed by a voice vote, sought to include cheating, concealment, acquisition and use of proceeds of crime as criminal activities for the purpose of money laundering.

Replying to a discussion on the Prevention of Money Laundering (Amendment) Bill, 2011, finance minister P Chidambaram said the amendments underscore Indiaís commitment to strictly deal with money laundering, which has wide international ramifications.

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