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Act against money laundering likely to amended again

New Delhi, Oct 26 (PTI): The government is planning to make amendments in the stringent Prevention of Money Laundering Act (PMLA), which will give it more teeth.

Official sources said the amendments, which are likely to be introduced next year and are based on earlier experiences and recommendations by global financial bodies, will give government sleuths more powers to invoke the 2002 anti-money laundering Act.

At present, the Enforcement Directorate, which solely deals with offences under PMLA and the Foreign Exchange Management Act (FEMA), has to depend on a FIR filed by other investigating agencies for scheduled offences under the PMLA to register a case of money-laundering.

The new amendments are likely to take care of this issue, enabling the Directorate to register PMLA on a suo motu basis.

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