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India-Pakistan
Terror financing to become offence under anti-money laundering bill
2009-10-25
The proposed Anti-Money Laundering Bill 2009 seeks the inclusion of financing of terrorism in the list of offences in the revised legislation to be enacted by parliament.
Do we have a useable definition of terrorism yet, or is this posturing for the Kerry-whatchamacallum crowd donating American money to the cause of financing Pakistani taxpayers?
It also seeks an increase in the amount of fine under the law from Rs 1 million to Rs 5 million for a company and its directors, officers or employees found guilty of the offence.

According to the objectives of the amendments to be made in Anti-Money Laundering (AMLO) Ordinance 2007, the Financial Action Task Force (FATF) and Asian Pacific Group (APG), raised serious reservations over certain provisions of the AMLO.

According to the draft, the definition of "financial institutions" was proposed to be substituted with an activity-based definition, as defined by the FATF.

The proposed definition includes any institution carrying one or more of the following activities: acceptance of deposits and other repayable funds from public; lending in any form; financial leasing; money or valuable transfer; managing credit and debit cards; cheques; travellers cheques; money orders; bank drafts and electronic money; financial guarantees and commitments; foreign exchange; exchange interest rate and index instruments; transferable securities; commodity futures trading, participating in shares issues and related services; individual and collective portfolio management; safekeeping and administration of cash or liquid securities on behalf of other persons; investing, administering or management of funds or money on behalf other persons; insurance business transactions; money and currency exchange; and carrying out of business as an intermediary.

Smuggling is one of the requisite predicate offences as per FATF. To include smuggling as such offence, certain provisions of Customs Act, 1969 are proposed to brought under the purview of AMLO.
Posted by:Fred

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