The
Government has recently amended the Money Laundering Act.
The
objectives of recent amendment in Prevention of Money-laundering Act, 2002 is
to strengthen the legislative and administrative framework of the country to
prevent money laundering and countering financing of terrorism and capabling to
handle the new evolving threats.
Bullion
traders have expressed that Germs and jewellery sector be kept out of the
purview of Prevention of Money-laundering Act. The Act imposes reporting
obligations on “person carrying on designated business and profession”, which
would include “dealer” in precious metals, precious stones and other high value
goods as and when notified by the Central Government. At present they have not
been notified.
This
was stated by Minister of State for Finance, Shri Namo Narain Meena, in written
reply to a question in the Lok Sabha today.
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