July 17 2017
A tribunal has struck down penalties imposed on 15 banks by the Financial Intelligence Unit for allegedly facilitating money laundering, as claimed by digital magazine Cobrapost four years ago. The appellate tribunal under the Prevention of Money Laundering Act, in an 88-page order, set aside the penalties, saying the FIU failed to probe the charges against the banks and relied solely on electronic evidence, which was not admissible.