Published: Monday, Jun 20, 2011, 0:16 IST
By Harish Gupta | Place: New Delhi | Agency: DNA
http://www.dnaindia.com/india/report_govt-panel-fails-to-trace-even-a-single-money-laundering-case_1556942
The government may be after money launderers and tightening laws to prosecute the offenders. It committed to prevent the flow of funds into the country in the name of charity. But the efforts seem to have come to a naught.
The finance ministry told DNA that a high-powered committee set up by the government to track cases of money laundering and terror financing in the garb of charity and non-profit organisations (NPOs) not a single case has come to its notice.
The ministry went on to say that since not a single case of terror financing and money laundering has come to the notice through charity organisations, there is no question of launching prosecution.
In a written communication, deputy director in the ministry of finance, Rosemeary K Abraham told the DNA, “The high-powered committee was constituted on June 17, 2010 to identify persons who own, control or direct the money laundering and terror financing. However, the committee has yet not recognized any case of money laundering”.
When asked how many cases have been tracked of such activities, the finance ministry official said, “none”.Since no case of money laundering was detected, the question of launching any prosecution does not arise.
However, it was asserted that “the committee will continue its work and seek requisite information from the concerned ministries and states to assess the risk of money laundering in the NPO sector. The requisite information is still awaited. Hence, the committee could not conclude the threat of money laundering in the NPO sector in India.”
The high-powered committee comprised officials from the ministries of finance, corporate affairs, planning commission, charity commissioner, Mumbai and Financial Action Task Force (FATF).
Sources say the world body on money laundering had expressed its dismay with the Indian authorities.
By Harish Gupta | Place: New Delhi | Agency: DNA
http://www.dnaindia.com/india/report_govt-panel-fails-to-trace-even-a-single-money-laundering-case_1556942
The government may be after money launderers and tightening laws to prosecute the offenders. It committed to prevent the flow of funds into the country in the name of charity. But the efforts seem to have come to a naught.
The finance ministry told DNA that a high-powered committee set up by the government to track cases of money laundering and terror financing in the garb of charity and non-profit organisations (NPOs) not a single case has come to its notice.
The ministry went on to say that since not a single case of terror financing and money laundering has come to the notice through charity organisations, there is no question of launching prosecution.
In a written communication, deputy director in the ministry of finance, Rosemeary K Abraham told the DNA, “The high-powered committee was constituted on June 17, 2010 to identify persons who own, control or direct the money laundering and terror financing. However, the committee has yet not recognized any case of money laundering”.
When asked how many cases have been tracked of such activities, the finance ministry official said, “none”.Since no case of money laundering was detected, the question of launching any prosecution does not arise.
However, it was asserted that “the committee will continue its work and seek requisite information from the concerned ministries and states to assess the risk of money laundering in the NPO sector. The requisite information is still awaited. Hence, the committee could not conclude the threat of money laundering in the NPO sector in India.”
The high-powered committee comprised officials from the ministries of finance, corporate affairs, planning commission, charity commissioner, Mumbai and Financial Action Task Force (FATF).
Sources say the world body on money laundering had expressed its dismay with the Indian authorities.
