International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
What Bankers need to Know:<br />
Anti <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> Controls?<br />
• The Bill has <strong>the</strong> schedule offence which lists 16<br />
sections of Indian Penal Code, 6 Sections of Arms<br />
Act, 9 sections of Narcotic Drugs Act and 4<br />
sections of <strong>the</strong> Prevention of Corruption Act.<br />
• Thus <strong>the</strong> Bill covers all activities which are capable<br />
of produc<strong>in</strong>g illegal money.<br />
• The Reserve Bank of India's panel has<br />
recommended rules aga<strong>in</strong>st money launder<strong>in</strong>g.<br />
– Improv<strong>in</strong>g procedures and policies for prepar<strong>in</strong>g<br />
appropriate (banks) customer profiles & coord<strong>in</strong>ation<br />
and cooperation with regulatory & o<strong>the</strong>r authorities.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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