The Hindu : National : Anti-money-laundering Bill introduced

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Anti-money-laundering Bill introduced

Sandeep Joshi

NEW DELHI: A Bill to bring more businesses and activities under the ambit of anti-money laundering laws was introduced in the Rajya Sabha on Friday. The government also introduced a Bill to ensure transparency in competitive bidding for coal blocks by private companies.

Union Minister of State for Finance Pawan Kumar Bansal introduced ‘The Prevention of Money-Laundering (Amendment) Bill, 2008’ that would bring services of money changers, money transfer service providers and credit card payment gateways under the ambit of anti-money laundering laws. Similarly, businesses such as casinos would also come under legal obligation to report their activities in the country once the Bill is passed. The Bill introduced to further amend the Prevention of Money-Laundering Act, 2002, also includes new categories of offences to fight terrorism. The draft legislation empowers the Enforcement Directorate to search premises immediately after the offence.

Minister of Mines Sis Ram Ola introduced ‘The Mines and Minerals (Development and Regulation) Amendment Bill, 2008’ to further amend The Mines and Minerals (Development and Regulation) Act, 1957.

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