Govt. introduces Money Laundering Bill in Lok Sabha

In an endeavour to bring prevention of money laundering legislation on par with global norms, the government today introduced a Bill to allow confiscation of proceeds of crime even during the trial.

Finance Minister Pranab Mukherjee introduced the Prevention of Money Laundering (Amendment) Bill, 2011, in Lok Sabha today.he Bill seeks to strengthen the relevant Act of 2002 by amending some of its provisions.

The proposed bill has provision for attachment and confiscation of the proceeds of crime even before conviction, “so long as it is proved that offence of money-laundering has taken place and property in question is involved in money-laundering”