Lok Sabha clears changes to anti-money laundering law

Written by fe Bureau | New Delhi | Updated: Nov 30 2012, 06:05am hrs
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 Indias commitment to strictly deal with money laundering, which has wide international ramifications.