Financial Daily from THE HINDU group of publications
Saturday, May 07, 2005
Financial Daily from THE HINDU group of publications Saturday, May 07, 2005 |
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Government
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Policy Money & Banking - Economic Offences LS passes Bill to amend money laundering Act Our Bureau
New Delhi , May 6 THE Lok Sabha on Friday passed a Bill that sought to make amendments to the Prevention of Money Laundering Act 2002. The law is being amended to ensure effective implementation of the legislation and also for removing certain shortcomings. The Bill was passed by a voice vote. Winding up the discussions on the Bill, the Finance Minister, Mr P. Chidambaram, said that there were certain lacunae in the legislation passed in 2002. "It seems not enough homework has been done with regard to the definition and the authority," he said. He said the amendments were being carried out to rectify the shortcomings in the earlier legislation. On the issue of falsification of accounts, Mr Chidambaram held that there were laws to take care of those indulging in such acts. The Bill provided that a police officer could investigate a money laundering offence under the Act only after he has been specifically authorised by the Central Government. The enforcement of the legislation would now be entrusted to the Directorate of Enforcement in the Finance Ministry.
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