Rajya Sabha gives nod to money laundering Bil

The Rajya Sabha today approved the Prevention of Money Laundering (Amendment) Bill as finance minister P Chidambaram emphasised the need to amend the law to meet new challenges.

The Bill, passed by Lok Sabha last month, seeks to remove the existing limit of Rs 5 lakh as fine under the Act. While the Enforcement Directorate can only take up cases where the amount exceeds Rs 25 lakh, the Bill proposes to do away with this limit.

Replying to the debate on the Bill, Chidambaram said it will help check money laundering, especially funding for terrorist operations. In the next three-four years, there can be more amendments as it is an evolving issue, he said, adding "India is a member of the financial action task force on money laundering and we need to amend our law to align with the international law."

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