Stricter Law Coming on Money Laundering

New Delhi: Investigating agencies may soon get more powers to attach and confiscate properties in cases of money laundering. The Prevention of Money Laundering (Amendment) Bill, 2011, is likely to propose sweeping changes in the procedures relating to attachment and confiscation of property. It may also bring in more reporting entities and a new category of offences with cross-border implications. The changes are in line with recommendations of the global Financial Action Task Force (FATF), an inter-governmental policy making body, with a mandate to establish international standards for combating money laundering and terror financing.