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.

DSM/RS/rs

(Release ID :95151)

Reporting obligations under money laundering law may extend to bullion and jewellery dealers when notified, currently not notified. Amendment to money laundering legislation strengthens the framework to prevent money laundering and counter financing of terrorism by expanding reporting and compliance duties for designated business and profession. The law contemplates that a 'dealer' in precious metals, precious stones and other high value goods may be included in the reporting regime upon Central Government notification; bullion and jewellery traders have requested exclusion and such dealers have not yet been notified.