The Hindu : President gives assent to Money Laundering Bill

Online edition of India's National Newspaper
Saturday, Jan 25, 2003

National

National

President gives assent to Money Laundering Bill

By Our Special Correspondent

NEW DELHI Jan. 24. The President has given his assent to the Pre-Natal Diagnostic Techniques (Regulation and Prevention of Misuse) Amendment Bill, 2002 and the Money Laundering Bill, 2002.

These two Bills, passed during the Winter Session of Parliament, have been notified in the Gazette of India.

The Pre-Natal Diagnostic Techniques (Regulation and Prevention of Misuse) Amendment Act, 2003, provides for a total ban on the pre-conception sex selection techniques and the misuse of pre-natal diagnostic techniques for sex-selective abortions and provision of the regulation of such abortions. It also seeks to uphold medical ethics and initiate the process of regulation of medical technology in the interest of society as the present practices and techniques are considered discriminatory to the female sex and not conducive to the dignity of the woman.

The Money Laundering Act, 2003, which is an endorsement of various international conventions to which India is a party, seeks to declare laundering of monies carried through serious crimes a criminal offence, working out modalities of disclosure by financial institutions regarding reportable transactions, confiscation of the proceeds of crime, declaring money laundering as an extraditable offence and promoting international cooperation in investigation of money laundering.

It also seeks to provide for reciprocal arrangement for assistance in certain matters and procedure for attachment and confiscation of property to facilitate transfer of funds involved in money laundering kept outside the country and extradition of the accused person from abroad. It also provides for setting up of Money Laundering Tribunal and appeal arising out of the orders of the Tribunal to the Money Laundering Appellate Tribunal and from there to the Supreme Court of India for offences relating to money laundering.

Printer friendly page
Send this article to Friends by E-Mail

National

Stories in this Section

India, Iran to explore prospects in Eurasia

Rs. 12,000-cr. disinvestment target discarded: Shourie

CCD meeting on Sunday

Two Deputy CMs for Rajasthan

Lok Aayog serves notice on Jogi

President gives assent to Money Laundering Bill

Get set for a new Internet protocol

Adik quits, Ranjit Deshmukh may be new MPCC chief

Plea to set up radio station in Kupwara

9/11 attack 'suspect' returns home

PM enquires about Maran's health

Punjab bureaucrat asked to proceed on leave pending probe

Sonia seeks succour to cane growers

Amar Singh may be quizzed again by CBI