The President Mr Pranab Mukherjee has given his assent to three financial sector reform laws These are Prevention of Money Laundering (Amendment) Bill, Banking Laws (Amendment) Bill, 2012 and Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012. An official statement said, these laws have come into force with the President's assent.The Prevention of Money Laundering (Amendment) Bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by Parliament in the Winter Session. The Bill removes the existing limit of 5 lakh rupees as fine under the Act. It proposes to make provision for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that offence of money laundering has taken place, and property in question is involved in money-laundering. The banking bill will pave the way for corporate houses to enter the banking sector which is a key reform legislation pending for long. The Banking Bill was approved by Parliament after the government dropped the controversial clause concerning allowing banks to trade in commodity futures.The Enforcement of Security Interest and Recovery ofDebts Laws (Amendment) Bill, 2012 is aimed at strengthening the provision for bad debts by banks and financial institutions