The Union Cabinet today gave its approval for introduction of a Bill, namely the Prevention of Money-laundering (Amendment) Bill, 2008 in the Parliament.
The Amendment Bill will enable the Government of India to meet certain domestic needs and international obligations.
Background
The Prevention of Money Laundering Act, 2002 (PML Act) ( 15 of 2003) was enacted in 2002 and enforced in 2005 to prevent money laundering and to provide for attachment, seizure and confiscation of proceeds of crime obtained or derived, directly or indirectly from money laundering and for matters connected therewith or incidental thereto.
