Govt eyes to make PMLA more effective

ANI | Updated: Feb 01, 2018 22:41 IST

New Delhi [India] Feb 1 (ANI): The government has proposed to make the Prevention of Money-laundering Act, 2002 (PMLA)Act more effective.

"Amendments have been made in Prevention of Money-laundering Act, 2002 (PMLA) through Finance Act 2018. These amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by Enforcement Directorate (ED) in prosecution of PMLA cases," the Finance Ministry said in a statement.

The bail provisions have also been amended to make bail conditions uniform for all offences under the PMLA.

"Other amendment in bail provisions would make the applicability of bail conditions uniform to all the offences under PMLA, instead of only those offences under the schedule which are liable to imprisonment of more than 3 years. This will be a significant step forward in delinking the proceedings against scheduled offences and money laundering offences under PMLA," the Finance Ministry statement said.

It further added that limit of Rs. one crore shall allow court to apply bail provisions more leniently to less serious PMLA cases. (ANI)