Pranabda swings into action, toughens PMLA bill

Finance minister Pranab Mukherjee today introduced 10 tough amendments to the money laundering norms.

December 27, 2011 / 17:53 IST

Stung by the criticism that he has not done enough to combat black money and tax evasion, finance minister Pranab Mukherjee today introduced 10 tough amendments to the money laundering norms.

Among the key changes proposed in the PMLA Amendment Bill 2011 is a proposal to widen the ambit of what is defined as money laundering. The latest bill, which seeks to amend the 2002 Act, also does away with the existing cap on penalties for violations, provides for summary attachment and confiscation of property even if there is no conviction.

The bill also brings in directors under the ambit and holds them as well as company employees liable for failure to report violations.

first published: Dec 27, 2011 05:50 pm

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