INDIA MONEY LAUNDERING CONTROLS – NEW FIU
April 1st, 2006
BY RAGHAVENDRA VERMA, in New Delhi
India - US$692 billion economy, 10th largest in the world and growing at 8% annually - has finally put an official anti-money laundering public organisation in place. Its Financial Intelligence Unit (FIU), as required by the Prevention of Money Laundering Act-2002 (PMLA), which came into force in July 2005, has become fully operational.
Set-up in November 2004 as the national agency and an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the country's Finance Minister, its new office on ...
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