Date:18/03/2005 URL: http://www.thehindubusinessline.com/2005/03/18/stories/2005031802800300.htm

Back Proposals to amend Money Laundering Act approved

Our Bureau

New Delhi , March 17

THE Union Cabinet has approved proposals to amend the Prevention of Money Laundering Act (PMLA).

A bill for this purpose would be introduced in the current session of Parliament.

Besides setting up an Adjudicating Authority and Appellate Tribunal under the PMLA, the Government also intends to amend the PMLA to include the definition of the term "investigation" under the Act.

Further, the work of investigation, attachment of property/proceeds of crime relating to scheduled offences and filing of complaints before Special Court etc under PMLA is to be assigned to the Directorate of Enforcement.

The Government has also decided to bring amendments to Sections 28, 29, 30, 44, 45 and 73 of the PMLA through the PMLA Bill 2005.