Govt may widen money laundering act

NEW DELHI: THE government is planning to enhance the coverage of the Prevention of Money Laundering Act (PMLA) by way of an amendment. The amendment, which could come in the current session of Parliament, would place strict reporting and record-keeping obligations on these entities.

Both restricted and full-fledged moneychangers, casinos and offshore banks would have to comply with the PMLA rules, a government source told ET. Fullfledged moneychangers get licence from RBI to sell or purchase Forex for private or business visits abroad. Restricted ones cannot carry out all these activities. It may be noted that casinos have been allowed offshore at a few places in Goa.

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