The Union Cabinet today gave its approval for introduction of a Bill, namely the Prevention of Money-laundering (Amendment) Bill, 2008 in the Parliament.

The Amendment Bill will enable the Government of India to meet certain domestic needs and international obligations.

Background

The Prevention of Money Laundering Act, 2002 (PML Act) ( 15 of 2003) was enacted in 2002 and enforced in 2005 to prevent money laundering and to provide for attachment, seizure and confiscation of proceeds of crime obtained or derived, directly or indirectly from money laundering and for matters connected therewith or incidental thereto.

Prevention of Money Laundering amendment to align domestic law with international obligations and strengthen powers over illicit proceeds. Approval was given for introduction of a Bill to amend the Prevention of Money Laundering Act to enable the Government to meet domestic requirements and international obligations relating to anti money laundering; the original Act provided measures to prevent money laundering and for attachment, seizure and confiscation of proceeds of crime.