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Tougher regulation against money laundergin in India
 October 19, 2008, 9:13 am (3 years ago)The mainstream media in New Delhi is presently examining on the influence of new and tougher anti-money laundering legislation presently previous to the Rajya Sabha.
This week, the Minister of State for Finance Pawan Kumar Bansal approved a Bill to revise the Prevention of Money Laundering Act.
Money changers, money transfer service providers including Western Union and credit card payment gateways like Visa and MasterCard are going to now have to follow the domain of India’s anti-money laundering laws as soon as the bill is passed, and the media pick out the gambling business as one of those most probable to come under augmented inspection, with responsibilities to give out reports on monetary activity.
The countermeasures follow a global tendency to tougher up on the observing of money flows in order to eliminate the chances of terrorist organizations and organized crime to transfer money around worldwide and/or launder fraudulent gains. It appears that terrorism is explicitly addressed in the new legislation, which introduces a new type of offences which hold cross-border insinuations.
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