Money laundering, banking bills become law

Wed 09 Jan 2013

The three financial sector reform laws, Prevention of Money Laundering (Amendment) Bill and Banking Laws (Amendment) Bill 2012, have become law of the land with President Pranab Mukherjee giving assent to them.

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 also got the President's assent, an official statement said.

The Prevention of Money Laundering (Amendment) Bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by the Parliament in the Winter Session.

The Bill had sought to remove existing limit of Rs. 5 lakh as fine under the Act. It proposes to make provision for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that offence of money laundering has taken place, and property in question is involved in money-laundering.

The banking bill will pave the way for corporate houses to enter the banking sector which is a key reform legislation pending for long.

The Banking Bill was approved by the Parliament after the government dropped the controversial clause concerning allowing banks to trade in commodity futures.

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 aimed at strengthening the provision for bad debts by banks and financial institutions.

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