India amends Prevention of Money Laudering Act

Working on fighting money laundering, on June 5, the Indian Government decided to bring casinos, credit card payment gateways run by Visa and Mastercard, money changers and transfer service providers like Western Union under the Indian law that aims at predicting money laundering.

The Indian Government is going to make the amendments to the Prevention of Money Laudering Act (PMLA). It will become mandatory for the above-mentioned financial intermediaries to report all suspected transactions that involve international transfers. This decision was taken by the Union Cabinet that is presided over by Prime Minister Manmohan Singh.

Also, a new category of offences of cross border implication will be added in order to prevent the fund transfer linked to an international crime.

Currently, only the banks and other financial institutions are obliged to report suspicious transactions  on regular basis to the financial intelligent unit (FIU) working under Finance Ministry.

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