India’s Special Investigating Team (SIT) is advocating that trade-based money laundering (TBML) should be specifically contemplated in the country’s anti-money laundering (AML) and counter terrorist funding (CFT) laws.
The team appointed by India’s Supreme Court is also calling for more inter-agency co-operation to identify organisations likely to use TBML in their operations.
The SIT is asking for India’s AML and CFT legislation to be changed so that the Directorate of Revenue Intelligence, if it detects TBML, must share its findings and information with the Enforcement Directorate (ED).
For its part, the ED should prosecute under India’s Prevention of Money Laundering Act.
The SIT is also calling for banks, regulators and other agencies to co-operate with each other to block off money laundering routes.
These include, for example, banks working more closely with betting industry regulators to determine when money that is apparently won or lost in gambling activities is in reality being laundered.
Categories: Trade Based Financial crimes News