AMIDST the din of Lokpal Bill debate, the
Govt also moved the amendments in the Prevention of Money Laundering Act.
The amendment seeks to widen the scope of the Act to include the Post Box
(front) companies of corporate houses within the ambit of the laws. A new
Clause is proposed to be inserted in Sec 2 of the PMLA where a 'beneficial
owner' is going to be liable for punishment if the offences are committed
by the front companies. In other words, the concept of effective control
has been incorporated for holding the 'person' responsible for the transactions.
The
Bill also proposes to amend Sec 3 to substitute the expression ''proceeds
of crime and projecting'' by new words ''proceeds of crime including its
concealment, possession, acquisition or use and projecting or claiming''.
|
