Posted: Sun Feb 27 2011, 00:55 hrs
http://www.indianexpress.com/news/Govt-to-overhaul-PMLA-to-check-black-money/755378/
New Delhi:
Under fire from the Supreme Court on the issue of black money and hawala transactions, the UPA government has quietly started working on a plan to give sweeping powers to investigative agencies and courts to check money laundering and plug hawala deals.
After it decided to plug loopholes in the Benami Transactions (Prohibition) Act, 1988, aimed at checking proliferation of black money through such deals, the Centre has now initiated the process to carry out largescale changes to the Prevention of Money Laundering Act (PMLA).
The amendments aim to give wide-ranging powers to investigative agencies to make companies and individuals more accountable.
One of the main features of the Cabinet note circulated by the Ministry of Finance, which was accessed by The Sunday Express, is the proposed amendment to Section 13(2) of PMLA to make directors on the boards of companies and employees responsible for the acts of omission and commission by the top brass.