Bill on Prevention of Money Laundering introduced in Rajya Sabha

New Delhi, Oct 17 : A Bill on the Prevention of Money Laundering (Amendment) was introduced in the Rajya Sabha today.

The bill is aimed at incorporating provisions in the existing law to combat financing of terrorism. It also introduces a new category of offences, which have cross border implications.

Under the bill, the Enforcement Directorate will be empowered to search the premises immediately after the offence is committed and the police has filed a report under the Code of Criminal Procedures.

It will also enable the Central Government to return the confiscated property to the requesting country in order to implement the provisions of the United Nation's convention against corruption. The bill was 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.

ANI