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Stringent law against money laundering passed by parliament

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The Prevention of Money Laundering (Amendment) Bill, 2011, which was passed by the Lok Sabha Nov 29, was approved by the Rajya Sabha Monday.

The bill states that in the proceedings relating to money laundering, the funds shall be presumed to be involved in the offence, unless proven otherwise. It also proposes to introduce the concept of "corresponding " to link the provisions of the Indian law with foreign laws.

The law also adds the concept of "reporting entity" which would include a company, financial institution, intermediary or a person carrying on a designated business or profession.

The bill expands the definition of offence under money laundering to include activities like concealment, acquisition, possession and use of proceeds of crime.

 

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