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(Mar 03, 2009) India's Parliament passed the Prevention of Money-Laundering (Amendment) Bill, 2008. This bill seeks to check the use of illegal money for financing terror and other anti-state activities, cross-border offenses, and counterfeiting of currency. It also facilitates the entry of India into the Financial Action Task Force (FATF), an inter-governmental body mandated to combat money laundering and terrorist financing.

Membership in the FATF would address India's international obligations in regard to money laundering and empower the Enforcement Directorate to search premises immediately after a police investigation is made regarding the commission of an offense. (Rajya Sabha Passes Bill on Money Laundering, THE HINDU, Feb. 20, 2009, available at http://www.hindu.com/2009/02/20/stories/2009022053191300.htm.)

Author: Krishan Nehra More by this author
Topic: Money laundering More on this topic
Jurisdiction: India More about this jurisdiction

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Last updated: 03/03/2009