Money laundering, banking bills turn into law with President assent
President Pranab Mukherjee gave assent to the three financial sectors reforms laws namely,
Prevention of Money Laundering (Amendment) Bill, Banking Laws (Amendment) Bill, Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012.
The money laundering bill seeks 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.
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