India to strengthen its anti-money laundering regime
What is money laundering law?
Money laundering is considered as a serious threat to whole of the global financial systems as it involves disguising of financial assets which will be later on used without detection of the illegal activity that produced them.
The whole idea of money laundering is to transform the monetary proceeds into the funds with an apparently legal source which is initially derived from a criminal activity. To prevent this black market anti-money laundering law came into action.
What are the current amendments made in anti-money laundering law?
The anti-money laundering law will soon be including the real estate agents, precious metal traders and commodity brokers. Being a member of Financial Action Task Force (FATF), India has therefore promised to strengthen its anti-money laundering regime.
The Union Cabinet has made amendments in Prevention of Money Laundering Act (PMLA) under the eye of law. This amendment is expected to bring in more transparency in concern with the international standards authorized by FATF.
How will this affect real estate?
The transactions in real estate dealings will be more clear and transparent with the enforcement of the current amendments made in anti-money laundering law. Also, if any such criminal activities are represented by the real estate sales representatives or brokers from now onwards will thus be considered as a serious offense.
Source: The Economic Times
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