Multi State Cooperative Societies may soon come under money laundering act

Maharashtra has the highest number of registered MSCSs

Multi-State Cooperative Societies (MSCS) may soon come under the purview of the money laundering act.

Earlier this month, the Union government asked MSCS to furnish details of their turnover as a step towards bringing them under the fold of Prevention of Money Laundering Act (PMLA). The societies have been given time till 31st January to submit the details.

Recently in a circular to The National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB), the Ministry of Agriculture and Farmers Welfare said, “ as the matter regarding bringing MSCSs under the definition of reporting entities under the prevention of Money