Funds acquired from illegal sources under Money Laundering are converted into money earned from legitimate sources. A complete corruption mechanism of works behind money laundering.
A recent amendment has been proposed in the Money Laundering Prevention Act, 2002 to set up control over money laundering by the Central Government. These amendments have been submitted through the Finance Bill, 2018.
Amendment proposed by the Government in the Money Laundering Act, 2002:
The proposed amendments have been made to provide more power to the Enforcement Directorate so that the Enforcement Directorate can take effective action in matters related to money laundering.
After the implementation of proposed amendments, the property created in foreign countries can also be processed by the government.
Corporate fraud was also included in the proposed amendments by the government.
In respect to money laundering, proper provisions have been made to make the process of investigation more effective.
All matters relating to the Money Laundering Rockham dam Act have been made to bring uniformity in relation to bail.
Steps taken by the government to control black money:
A new black money act has been enforced by the government with strict penalties to control black money.
A special investigation team has been constituted under the chairmanship of former Supreme Court judge MB Shah.
The prosecution has been initiated in connection with black money against about 1500 people.
Most historically, the historic decision of the monopolization was taken, which helped bring the black money collected in the notes of one thousand and five hundred rupees.
Conclusion:
It can be concluded that the Central Government is very serious about money laundering and black money. With regard to money laundering, the proposed amendments mentioned above can certainly be dealt with effectively due to the problem of money laundering.
