Anti Money Laundering Policy
An amount 13 times larger than the country's foreign debt - USD 1500 billion has been alleged to have been laundered by Indians in Swiss banks* – an issue raised even during the recently concluded Parliamentary elections. Anti-Money Laundering (AML) has become a serious issue due to the possibility of such funds being used for terrorist financing, apart from the revenue loss to the government.
The Reserve Bank of India’s (RBI) seriousness in this matter can be gauged from the fact that it significantly delayed the banking license of and stalled a mutual fund acquisition by a Swiss bank, on its reluctance to cooperate with Indian authorities to unravel a trail of funds involving racehorse owners and Saudi arms dealers.
India now has a specific money laundering law in the ‘Prevention of Money Laundering Act, 2002’ (PMLA) and its intention is to become a full member of the Financial Action Task Force (FATF). This, therefore, is the right time to assess the state of AML in India. World-Check and BMR Advisors have conducted this survey among AML practitioners in India with the objectives of:
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