Lok Sabha passes 'Prevention of Money Laundering Bill 2011'
The Lok Sabha passed the 'Prevention of Money Laundering (Amendment) Bill 2011' by a voice vote on Thursday.
Finance Minister P. Chidambaram, who replied to the debate from the government's side, clarified that money laundering is different from black money.
"Money laundering must involve a predicate crime such as the violation of Indian Penal Code, IPC, Narcotics, Prevention of Corruption Act and Human Trafficking. Stashing black money is simply a civil crime involving tax evasion," Chidambaram said.
"There have been 37 prosecutions under the Prevention of Money Laundering (Amendment) Act, 2002. The cases are still being pursued," he added.
Bharatiya Janata Party (BJP) leader Nishikant Dubey, who began the discussion earlier, called for stringent provisions to check the menace of counterfeit currency.
The other leaders participating in the debate called for an effective mechanism to combat the menace of money laundering.