The Hindu Business Line : Cabinet nod for money laundering law

Casinos, full fledged money changers (FFMC), money transfer service providers (MTSPs) such as Western Union and international payment gateways such as Visa and MasterCard would soon be required to take reporting obligations under the Indian anti-money-laundering legislation. They may be required to report all suspected transactions. Also, plans are afoot to bring securities market related offences such as insider trading within the list of scheduled offences under the Prevention of Money Laundering Act, 2002.

Official sources said that offences of cross-border implications are also to be brought under the ambit of PMLA. The Union Cabinet on Thursday gave its nod for introduction of a Bill, namely the Prevention of Money Laundering (amendment) Bill, 2008, in Parliament. The amendment Bill will enable the Government to meet certain domestic needs and international obligations, the Information & Broadcasting Minister, Mr Priyaranjan Dasmunshi, told newspersons here. Currently, service providers such as FFMC, MTSPs and international payment gateways are not defined in any of the Indian laws.

– Our Bureau

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