New Delhi: A parliamentary panel has recommended putting money transfer service providers, full-fledged money changers and international payment gateways under the purview of the Prevention of Money Laundering (Amendment) Bill.
The parliamentary standing committee on finance, set up after the Bill was introduced in the Rajya Sabha in October, said this step, among others, are necessary for preventing money laundering and to combat alleged terror financing.
The Bill, part of other proposed laws being rushed through by the United Progressive Alliance government following the Mumbai terror attacks fallout, is expected to be passed in the current session, which ends on Tuesday.
The panel also said the Indian government must take steps to become a full-fledged member of the inter-governmental Financial Action Task Force on money laundering to enable sharing of information and multi-lateral intelligence.
With many members expressing apprehensions over potential misuse by enforcement authorities, the committee also suggested proper safeguards should be put in place to ensure that individuals are not harassed.