LS back in business, approves changes in money laundering bill
The amendments, the Minister said, would also help the Centre bring the anti-money laundering legislation on par with international standards and obviate some of the deficiencies in the present Act that have been experienced by the implementing agencies.
"Parliament has improved upon the law in 2005, after bringing it in 2002, and then again in 2009 and once again in 2012," Chidambaram said.
The proposed amendments also seek to introduce the concept of 'corresponding law' to link the provisions of Indian law with the laws of foreign countries.
Replying to issues raised by members, Chidambaram said blackmoney was a different issue while the money laundering law deals with the proceeds of crime which are defined in the statute. "We need to have a separate discussion on blackmoney," Chidambaram said.
The Minister also said that government was initiating steps to fill vacancies in the Enforcement Directorate to strengthen it to deal with the menace of blackmoney.
The government plans to induct 1,319 additional officers in the Enforcement Directorate to increase the strength to 2,064.
The treasury benches voted out the provisions in the Amendment Bill regarding appointment of sitting or retired judges of Supreme Court or Chief Justice of High Court as Chairman of the Appellate Tribunal to be set up under the Money Laundering law.
The government is finding it difficult to procure services of senior judges, Chidambaram said explaining the reasons behind voting out the clause which was proposed in
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