In process of tweaking laws to check money laundering: Pranab

Committed to the full implementation of international standards to combat money laundering and terror financing, India today said it was making suitable amendments to converge the country's existing laws with the recommendations of the global Financial Action Task Force.

In order to make the Prevention of Money Laundering and Unlawful Activities (Prevention) Acts more effective, India was in the process of making ‘suitable’ amendments to the two Acts to bring them in line with the core and key recommendations of the Financial Action Task Force, Finance Minister Pranab Mukherjee said while inaugurating the five-day meeting of the Asia-Pacific Group on ‘Money Laundering’ here.

He said, “The capabilities against money laundering and terrorist financing should be strengthened by all nations to ensure an effective, efficient and more productive crusade against this menace.”