Lok Sabha approves changes in money laundering bill

After four days of logjam on the FDI issue, Lok Sabha was back in business today approving a bill to enlarge the definition of money laundering offences.

The bill, piloted by Finance Minister P Chidambaram, sought to include activities like cheating, concealment, acquisition and use of proceeds of crime as criminal activities for the purpose of Money Laundering.

Replying to discussion on the Prevention of Money Laundering (Amendment) Bill, 2011, Chidambaram said the changes in law would give signal to the international community about India's commitment to deal with the offences having wide international ramifications.

The bill was later approved by voice vote. The amendments, Chidambaram explained, sought to enlarge the definition of predicate offences of money laundering and include activities which are defined as crime under various other laws.

The list of offences would include concealment, acquisition, possession and use of proceeds of crime as criminal activities. It also seeks to remove existing limit of Rs 5 lakh as fine under the Act.

Responding to queries on black money, Chidambaram said, "We are taking action...every single piece of information (received from France and other countries) is being investigated" and more action would be taken.

As regards the Money Laundering Law, he said, 37 cases of prosecution have been launched but no one has been either convicted or acquitted.

The amendment bill was introduced in the Lok Sabha in December, 2011 by then Finance Minister Pranab Mukherjee and referred to the Parliamentary Standing Committee on Finance.

EDITORIAL OF THE DAY

  • Enhanced allocations are needed for research to ‘Make in India’ for India

    Even as India flaunts its ambitious ‘Make in India’ initiative from February 13, it spurs several questions.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

The importance of Indonesia

A few weeks ago, the wo­rld was shocked by a ...

Rajgopal Nidamboor

Try to awaken the archaeologist within

Our mind is far ahead of René Descartes’ famous maxim, ...

Bubbles Sabharwal

Social media versus real life

It’s amazing how social media brings out the best side ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture