The Finance Ministry’s crucial amendments to the Prevention of Money Laundering Act (PMLA) include a significant increase in the operations that will be brought under its purview: stock-market trading, terrorism, wildlife protection and criminal misconduct by a public servant.As reported first in The Indian Express, the PMLA of 2002 is being augmented to bring International payment gateways such as Visa and MasterCard under the “reporting regime.” Along with money-transfer service providers such as Western Union.Also, the final amendments being sent to Cabinet include casinos (running only in Goa) to come under the reporting obligation and “insert a new definition of designated business and profession to cover casinos.The amendments also list the following as the new “scheduled offences” covered under the PMLA: 11 sections of the Unlawful Activities (Prevention) Act to include five on terrorism and terror proceeds; SEBI Act on insider trading; Narcotic Drugs Act on preparing opium; Explosives Substances Act to combat terrorism; section of the Wildlife Protection Act related to “hunting”; Section 13 of the Prevention of Corruption Act on criminal misconduct by a public servant and evasion of duties under the Customs Act. After Cabinet clearance, the Finance Ministry has said, “immediate” steps will be taken to introduce a Bill in Parliament.
