Travel agents and automobile dealers may have to report their transactions to the country’s anti-money laundering agency, with the government accepting the recommendations of the standing committee on the Prevention of Anti-Money Laundering Bill.
“Most of the recommendations have been accepted…the cabinet note on the changes may be moved soon,” an official told ET, adding that the amendment will be introduced in the monsoon session of Parliament.
In its report on the Prevention of Money Laundering Act (amendment) Bill, 2011, the standing committee, headed by senior BJP leader Yashwant Sinha, has asked the government to take steps to mitigate the risks posed by multi-jurisdictional entities and their transactions.
Once these changes are incorporated, travel agents and vehicle dealers will have to report transactions above a certain threshold to the Financial Intelligence Unit and multi-layered structures may face increased scrutiny.
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