To take tough measures on money laundering, the Indian Government on Thursday decided to bring casinos, credit card payment gateways run by Mastercard and Visa money changers and transfer service providers such as
The government has decided to amend the Prevention of Money Laundering Act (PMLA) making it mandatory on these financial intermediaries to report all suspected transactions involving global transfers.The decision to amend the PMLA was taken by the Union Cabinet presided over by the Prime Minsiter, Dr.manmohan Singh.
The new category of offences of cross border applications is also being added to prevent the fund transfer related to an international crime.
‘The amendment bill will enable the central government to meet certain domestic needs and international obligations’said Mr.Priya Ranjan Dasmunsi, Minister for Information and Broadcasting, after the cabinet meeting.
The security agencies had raised serious concerns over the mushrooming of money transfer agencies, including some international players which had its agents in almost everystreet.