The Prevention of Money Laundering (Amendment) Bill and Banking Laws (Amendment) Bill, 2012, have become law of the land, with President Pranab Mukherjee giving assent to these. The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012, also got the President’s assent, an official statement said here.
The Prevention of Money Laundering (Amendment) Bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by Parliament in the winter session.
The Bill had sought to remove existing limit of Rs 5 lakh as a fine under the Act.
