Casinos, Visa, Mastercard to come under Laundering Law

Casinos, Visa, Mastercard to come under Laundering Law
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First Published: Thu, Jun 05 2008. 02 27 PM IST
Updated: Thu, Jun 05 2008. 02 27 PM IST
PTI
New Delhi: Acting tough on money laundering, the Government has decided to bring casinos, credit card payment gateways run by Mastercard and Visa, money changers and transfer service providers like Western Union under the ambit of the Indian law.
The government has decided to amend the Prevention of Money Laudering Act (PMLA) making it mandatory on these financial intermediaries to report all suspected transactions involving international transfers.
The decision to amend the PMLA was taken by the Union Cabinet presided over by Prime Minister Manmohan Singh.
The new category of offences of cross border implication is also being added to prevent the fund transfer related to an international crime.
“The Amendment Bill will enable the Government of India to meet certain domestic needs and international obligations,” Information and Broadcasting minister Priyaranjan Dasmunsi told reporters after the Cabinet meeting.
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First Published: Thu, Jun 05 2008. 02 27 PM IST