Amendment in Money Laundering Act

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..... Amendment in Money Laundering Act
News and Press Release
Dated:- 26-4-2013

The Government has recently amended the Money Laundering Act. The objectives of recent amendment in Prevention .....

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..... of Money-laundering Act, 2002 is to strengthen the legislative and administrative framework of the country to prevent money laundering and countering financing of terrorism and capabling to handle th .....

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..... e new evolving threats. Bullion traders have expressed that Germs and jewellery sector be kept out of the purview of Prevention of Money-laundering Act. The Act imposes reporting obligations on "pers .....

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..... on carrying on designated business and profession", which would include "dealer" in precious metals, precious stones and other high value goods as and when notified by the Central Government. At prese .....

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..... nt they have not been notified. This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today. DSM/RS/rs (Release ID :95151)
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..... ws - Press release - PIB .....

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