Source: PRS, Monthly Policy Review
Recently the Ministry of Finance constituted an InterMinisterial Co-ordination Committee on money laundering
- The Committee has been set up under the Prevention of Money Laundering Act, 2002, which allows the central government to constitute an inter-ministerial coordination committee for cooperation and coordination between relevant agencies
- The terms of reference of the Committee include:
- Operational co-operation between the government, law enforcement agencies, regulators and the Financial Intelligence Unit – India (under the Ministry of Finance)
- Consultation among the authorities with the financial sector
- Developing and implementing policies on anti-money laundering or countering the financing of terrorism.
- The 19-member committee will be chaired by the Revenue Secretary. Other members of the Committee include the:
- Secretaries of Department of Economic Affairs, Department of Financial Services, Ministry of Corporate Affairs, and Ministry of External Affairs
- Chairman SEBI
- Deputy Governor RBI, and
- Director Intelligence Bureau.