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

  • Right to reveal

    Delhi is India’s first state to announce a scheme for witness protection. But what about the witnesses in other states?

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture