Money laundering to become difficult in next 1-2 years: FM Arun Jaitley

At the G20 nations' Australia summit last November, leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information.

By: PTI | New Delhi | Updated: November 2, 2015 3:39 pm
New Delhi:Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley addressing during the International Conference on “Networking the Networks”, in New Delhi on Monday.PTI Photo by Manvender Vashist(PTI11_2_2015_000038A) New Delhi:Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Arun Jaitley addressing during the International Conference on “Networking the Networks”, in New Delhi on Monday. (Source: PTI Photo)

Finance Minister Arun Jaitley today said tax evasion and money laundering will become “extremely difficult” in the next 1-2 years, with real-time global automatic exchange of information system coming into effect.

“I am quite certain that the activity is going on in that direction and the next 1-2 years are also going to bring significant results because with almost real-time exchange of information, lives are going to become extremely difficult as far as lawbreakers in that regard are concerned,” he said.

In his inaugural speech at international conference on ‘Networking the Networks’, he said tax evasion and parking of illegal money anywhere in the world is increasingly becoming difficult as G20 has taken an initiative and various international agencies have now stepped in.

“… the world is also increasingly moving towards a situation where you can’t shift the profits that you earn in one jurisdiction and erode the capital base of that jurisdiction itself,” he said.

At the G20 nations’ Australia summit last November, leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-18.

India is one of the early adopters of the automatic exchange of information standard.

He also said the Regional Centre for South Asia is going to be discussed in the meeting in order t0 strengthen international cooperation with regard to money laundering and tax evasion.

The South Asian Regional Intelligence Coordination Centre is likely to be set up, with seven member countries, including India, to be part of it.

The other countries are Nepal, Bhutan, Myanmar, Bangladesh, Sri Lanka and Maldives, Revenue Secretary Hasmukh Adhia said.

“Once it is operational, it will allow South Asia Region to connect with other regional and global platforms and allow quick and secure information exchange to combat global crimes,” Adhia said.

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  1. B
    Beware
    Nov 2, 2015 at 11:45 pm
    Rabid brahmin Arun Jaitely is networking the network of brahmins. That network of secret brahmin anti national organizations are working hand in hand with he ILLUMINATI if Israel. It is at heir insistence that Muslims in India are targeted.
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    1. S
      SCNDRL=Arun_Jaitely
      Nov 2, 2015 at 11:41 pm
      Just after the Black Money VDS that ended on Sep 31st, that 'ugger Arun Jaitely told the RS.6000 crores declared was not a fiction but a fact. One week after that there comes he news that RS. 6600 crores have been transferred from BoB's single branch. THAT SCNDRL ARUN JAITELT IS BLUFFING AROUND.
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      1. A
        Arrest-Arun_Jaitely
        Nov 2, 2015 at 11:36 pm
        ARREST ARUN JAITELY ON ONE MORE CASE OF SEDITION FOR REVEALING STATE SECRETS TO THOSE MONEY LAUNDERERS AND ROBBERS OF PEOPLE' MONEY. BY REVEALING RHE INDIRMATION HE HAD REDUCED THE ECONOMY BY AT LEAST .1%. THIS IS MORE THAN ENOUGH EVIDENCE TO AREEST HIM IMMEDIATELY.
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          TIHAEwale
          Nov 2, 2015 at 4:46 pm
          Arun Jaitley what is the update on Rs 6,000 crore transaction routed thro BOB and OBC don't tell even after a month u and your officials could not fix accountability. is some money bag supporter of BJP involved
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            Arun K.
            Nov 2, 2015 at 9:05 pm
            IE Editors: Pl take note that this story is full of repeive paragraphs. Such sloppiness does no credit to a leading newspaper like yours. Mrs S. Kumar, USA
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