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Money Laundering Act comes into force
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It provides for attachment and seizure of property and records
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NEW DELHI:
The Prevention of Money Laundering Act, which was recently amended to remove certain shortcomings, will come into force on Friday. The Act, aimed at combating channelling of money into illegal activities, provides for attachment and seizure of property and records. It also provides for stringent punishment, including rigorous imprisonment of upto 10 years and fine of upto Rs. 5 lakh, an official release said.
The Act, in line with India's commitment to fight all forms of economic crimes, came into being in 2002 but could not be brought into force due to certain lacunae. It was accordingly in the Parliament's last session to remove the shortcomings.
As per the Act, every banking company, financial institution and intermediary needs to maintain a record of all transactions, the nature and value of which is being prescribed in the rules.
PTI
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