Our Bureau

New Delhi, May 12

PARLIAMENT has approved the Prevention of Money Laundering (Amendment) Bill 2005. The Rajya Sabha on Wednesday passed this Bill after the Finance Minister, Mr P. Chidambaram, gave an assurance to the House that the Government would get the legislation implemented as early as possible.

Winding up discussions on the Bill, Mr Chidambaram said, "If all goes well, the Act could come into being by June 1." The Lok Sabha had cleared the Bill last week.

Mr Chidambaram said that the United Progressive Alliance Government has brought in certain amendments to remove the lacunae in the Prevention of Money Laundering legislation.

He added that the offence of money laundering has now been made non-cognisable and that the Government would prescribe a threshold limit for investigation by the enforcement directorate and its officials.

(This article was published in the Business Line print edition dated May 13, 2005)
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