Benami transaction prohibition strengthened: law enables provisional attachment, confiscation and criminal penalties for benami dealings.
The amended Benami Transactions (Prohibition) Act, 2016, effective 1 November 2016 with notified rules, prohibits benami transactions and empowers designated authorities to provisionally attach and confiscate benami properties and to prosecute persons who enter into such transactions, with statutory penalties including imprisonment and fines linked to the fair market value of the property.

Prevention of Money Laundering Act prosecutions: extradition not requested for listed absconding persons, as bilateral treaty limits apply
Prosecutions under the Prevention of Money Laundering Act have been initiated against fifty-three named absconding persons with a prosecution complaint filed; no extradition requests in respect of these PMLA cases have been received by the Ministry of External Affairs. The government notes that the India-UK Mutual Legal Assistance arrangement does not cover bringing back persons under investigation, while a separate extradition request for offences under the penal code and anti-corruption law was advanced under the bilateral extradition treaty for one individual.

Cross-border supervisory cooperation enables IRDAI to exchange supervisory information under IAIS MMoU, including AML/CFT oversight.
IRDAI's admission as a signatory to the International Association of Insurance Supervisors' Multilateral Memorandum of Understanding creates a formal framework for cross-border supervisory cooperation and handling information requests between signatory authorities, covering supervision of internationally active insurers and other regulated entities, including insurance intermediaries, and facilitating cooperation on Anti-Money Laundering and Combating the Financing of Terrorism.