Money Laundering: GK, Current Affairs, Questions, Trivia and News

JSW Steel Ltd permitted to acquire Bhushan Power & Steel Ltd

Mumbai-based Indian steel making company, JSW Steel Ltd recently approved permission from the National Company Law Appellate Tribunal on Monday (NCLAT) to acquire Bhushan Power & Steel Ltd. While JSW steel is to acquire the firm for Rs 19,700 crore, it would be immuned from the acts of former promoters of the Bhushan Power, as ..

Migrants can change address by giving self-declaration

The government has allowed migrants to change address on Aadhaar by giving self declaration. It will help them open bank account and promote financial inclusion. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules as per the gazette notification issued on 13 Nov. This move will allow an individual to ..

FATF Asia-Pacific blacklists Pakistan for terror funding

The International Terror Watchdog for Terror Funding, the Financial Action Task Force (FATF) has blacklisted the nation of Pakistan for various non-compliances and non-enforcements of international terror controls and safeguards. What has happened? The FATF has been placed in the blacklist of the FATF’s Asia Pacific Group (APG) for the violations and the non-compliance of ..

Pakistan blacklisted by Asia-Pacific Group of FATF for its failure to comply with terror funding standards

The Asia-Pacific Group (APG) of the Financial Action Task Force (FATF) is a global watchdog for terror financing and money laundering. It has recently put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards. The APG has also found that Pakistan was non-compliant on 32 of the 40 ..

Amendments to Prevention of Money Laundering Act

The Finance Bill 2019 has proposed amendments to tighten the anti-money-laundering law. Amendments Proposed A total of eight amendments were proposed to the Prevention of Money Laundering Act (PMLA), 2002, of which six are explanations to the existing clauses. The explanations are being brought in to certain existing clauses to remove the “confusion, grey area ..

Saudi Arabia becomes first Arab country to get FATF membership

Saudi Arabia has become the first Arab country to be granted full membership of Financial Action Task Force (FATF) following its Annual General Meeting at Orlando in Florida, USA. Since November 2004, Saudi Arabia has been a founding member of the Middle East and North Africa (MENA) arm of the FATF group. Its full FATF ..

IDBI Bank launches paperless account opening facility for NRIs

IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents and KYC proofs for opening an account with the bank. NRIs will now be able to open account in IDBI Bank without submitting paper ..

Pakistan could be blacklisted by FATF

Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan could be blacklisted by the Financial Action Task Force because of ‘lobbying by India’ after estimating that the country could suffer $10 billion loss annually if it remains in the watchdog’s grey list. Last year the Paris-based FATF had placed Pakistan on the ‘grey list’ of ..