Cabinet clears amendments to money laundering act (Lead)June 6th, 2008 - 1:05 am ICT by IANS
New Delhi, June 5 (IANS) The cabinet Thursday approved the tabling of a bill in parliament to amend the Money Laundering Act to enable the government prevent money laundering more effectively and to meet its international obligations. “The union cabinet today gave its approval for introduction of a bill, namely the Prevention of Money-laundering (Amendment) Bill, 2008 in parliament,” Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.
“The amending bill will enable the government of India meet certain domestic needs and international obligations,” he said after a cabinet meeting presided over by Prime Minister Manmohan Singh.
The Prevention of Money Laundering Act was enacted in 2002 by the previous National Democratic Alliance government and enforced in 2005 by the present United Progressive Alliance government.
“The legislation is meant to prevent money laundering and to provide for attachment, seizure and confiscation of proceeds of crime obtained or derived, directly or indirectly from money laundering and for matters connected therewith or incidental thereto,” Dasmunsi said.