MONEY LAUNDERING ACT TO BE AMENDED

Indian Banks can now look forward to easy entry into the US financial market. The Government has to decided to move amendments to the Prevention of Money Laundering (PML) Act, which will make it more in sync with the demands of the US and EU. The amendments will bring terrorism financing and Customs offences under the glare of the Act. While the International Financial Action Task Force (FATF) has also asked for making insider trading in stock markets a money laundering offence, the Government is not in favour.