Posted on Thursday, 13th November 2008 by admin
India is looking to tighten the noose around money laundering, and gambling companies will be among those which will find themselves obligated to submit reports on financial activity if the Bill now under Parliament’s consideration is passed into a Law.
The Bill, which is before the Upper House of Parliament, or the Rajya Sabha, seeks to amend the current Prevention of Money Laundering Act, and thwarting money flow to and from terrorists is reportedly one of its stated objectives.
New category of offences
The draft, submitted by Union Minister of State for Finance, Pawan Kumar Bansal, brings in a whole new category of offences with cross-border implications.
Money changers, credit card payment gateways and currency transfer service providers will all come under the scanner once the Bill is passed. This means big news for the India targeting online casinos.
More power for Enforcement Directorate
When the proposed amendments become law, the Enforcement Directorate will be authorized to search suspect premises immediately after an office is committed, and will also be empowered to attach property and search anyone considered important to probes. Further, property can be provisionally attached for upto 150 days, up from the 90 day period in force under the current law.
Part of global initiatives to curb terror
The step is in line with global initiatives to curb the activities of terrorists and organised criminals by making it difficult to move money across international borders or launder wrongfully acquired wealth.
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