Controlling Funds Laundering in India – Problems and Perspectives
Vijay Kumar Singh
Assistant Mentor of Rules
Hidayatullah Nationwide Law University Raipur, Chhattisgarh
To be offered at the eleventh Annual Convention on Money and Financing in the Indian Economy in 23-24 January 2009 With the Indira Gandhi Institute of Development Study (IGIDR), Mumbai, INDIA
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Managing Money Washing in India – Problems and Viewpoints Vijay Kumar Singh
Associate Professor of Law Hidayatullah National Rules University, Raipur vrsingh. [email protected] com
SUBJECTIVE ‘Money-Laundering' – A sophisticated crime not to be used very seriously at the first glance by simply anyone in the society in comparison with street crimes. To give a head start to the paper, specialist wanted to limit the conventional paper to Nationwide context, unfortunately he not able to accomplish that as it was never possible because any illustration of money laundering would have a tinge of international flavour as money laundering commonly involves moving money through several countries in order to obscure its beginning. It was hard to discuss the topic of money-laundering nationally in abstract. If succeeded in doing so, would have made an appearance as a patchwork. To have a complete paper, the researcher covers the theme of the paper in three parts. Component I opens up with explaining the principles and processes of money washing pointing out the challenges and losses and is also a kind of special primer to cash laundering. While observed previously, money laundering essentially consists of a foreign earth for cleaning – laundering the filthy money – proceeds of crime, Component II techniques with evolving the international developments and control components to deal with the situation of money laundering. In light of the aforesaid dialogue Part 3 proceeds to assess the position of India in controlling money laundering keeping up with the requirement of worldwide forum. India is proposing to upgrade its anti-money-laundering law and a Bill of 2008 can be waiting for enforcement. A relative analysis from the Bill of 08 is done in one of the sub-parts of the newspaper. To sum up the paper different problems and loopholes in implementation in the anti-money-laundering laws are discussed putting forth few humble ideas to have a balanced anti-money-laundering program.
Key-Words: Cash Laundering, anti-money-laundering, FATF, terrorism.
Handling Money Laundering in India – Concerns and Points of views Vijay Kumar Singh
Assistant Professor of Law Hidayatullah National Regulation University, Raipur vrsingh. [email protected] com
PART I actually:
INTRODUCING FUNDS LAUNDERING
Cash is like fire, an element as little troubled simply by moralizing as earth, air and water. Men may employ this as a tool or they will dance around it as though it were the incarnation of a god. Money votes socialist or monarchist, finds a profit in pornography or translations from the Bible, commissions Rembrandt and underwrites the technology of Auschwitz. It acquires its meaning through the uses to which it is put. 1 Mahatma Gandhi2 explained Capital as such is certainly not evil; it really is its wrong use that may be evil. Capital in some type or additional will always be needed. I. A. Money – The Root from the Problem:
The main function of money is to act as a method of exchange, and as such it can be accepted unquestionably in last discharge of debts or perhaps payment of products or companies. 3 The term ‘money' generally includes banknotes as well as gold coins, although it might be limited to this kind of of each similar to legal tender during the time and place in question4. The particular meaning of the term is determined by the content by which it is used so that, for example , it
1Lewis H. Lapham (b. 1935), U. T. essayist, editor. Money and Class in the us, ch. almost eight (1988), the Columbia Dictionary of Estimates. 2 Mohandas K. Gandhi (1869–1948), Indian political and spiritual head. Harijan (28 July 1940), id. three or more Moss or Hancock  2 QB 111 at 116 per Darling M., quoted in Halsbury Laws and regulations...