Money Laundering Bill gets Rajya Sabha nod

Replying to the debate on the Money laundering Bill in the Rajya Sabha, Singh said ‘what I have done is very irregular as rules are laid on the table of the House not debated.’ However, in a bid to get consensus on the Bill Singh was willing to compromise.

The Bill will now go back to the Lok Sabha which had passed the Bill but will have to reconsider the Bill as amendments have been incorporated in it in the Rajya Sabha.

Replying to the debate in the Upper House, Singh dismissed fears expressed by members on misuse of the legislation saying ‘it is not government’s intention to bring this measure for political vendetta.’ The Bill describes money laundering as ‘the process of cleansing money earned through illegal activities like extortion, drug trafficking and gun running. The tainted money is projected as clean money through an intricate process of placement, layering and laundering.’

Pointing out that apprehensions on misuse of the Bill persist despite it being referred to a Select Committee, the Finance Minister assured the House that ‘between now and the winter session of Parliament, government shall address itself to all anomalies and bring an amended Bill in the next session.’

To a suggestion from Congress member Kapil Sibal that government define a public servant, the minister expressed his inability saying this power rests with the Supreme Court who had already pronounced a verdict on the definition.

Rajya Sabha member Fali S. Nariman suggested that a grievance cell be formed to remedy any wrong done under the harsh law since ‘there may be a politically-motivated prosecution by the state or otherwise.’