November 30, 2012 9:40 AM

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LS passes Money Laundering Bill amendment enlarging definition of offences under it

The Lok Sabha has passed the Prevention of Money Laundering (Amendment) Bill, 2011 by a voice vote enlarging the definition of money laundering offences. The new list of offences includes concealment, acquisition, possession and use of proceeds of crime as criminal activities. The Bill also seeks to remove existing limit of 5 lakh rupees as fine under the Act. Replying to the debate, the Finance Minister P. Chidambaram said yesterday that the changes in law would give signal to the international community about India's commitment to deal with the offences having wide international ramifications. Mr. Chidamabaram said there have been 37 prosecutions under the Prevention of Money Laundering (Amendment) Act, 2002. He said ;the cases are still being pursued .Earlier, initiating the discussion, Mr Nishikant Dubey of the BJP called for stringent provisions to check the menace of counterfeit currency. Mr Sanjay Nirupam of the Congress said the government has taken several steps to prevent money laundering since India became a member of the global Financial Action Task Force two years ago. Other members who participated in the debate, called for an effective mechanism to curb money laundering.

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