Money Laundering Current Affairs - 2019

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Govt relaxes norms for Start-ups

The government has relaxed the norms under the definition of Start-Ups. The changes brought in are: The investment limit of angel investors to seek exemption under the Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore. An entity shall be considered a start-up up to 10 years from its date of Read More…

Month:  Categories: Business, Economy & BankingUPSC

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India and Cyprus sign 2 MoUs

India and Cyprus have signed two agreements on combating money laundering and cooperation in the field of environment. These agreements were signed after wide-ranging talks between President Ram Nath Kovind and his Cypriot counterpart Nicos Anastasiades in Nicosia (capital of Cyprus).  President Kovind visited Cyprus on the first leg of his three-nation visit to Europe Read More…

Month:  Categories: International

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Financial Action Task Force places Pakistan in Grey List for failing to curb terror financing

The Financial Action Task Force (FATF) at its plenary meeting in Paris, France has officially placed Pakistan on its Grey List of countries involved in providing monetary assistance to terrorism and related causes for failing to curb terror financing on its soil. FATF also has laid out 10-point action plan for Pakistan for compliance with its Read More…

Month:  Categories: International

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Pakistan named among top 3 sources for money laundering in UK

United Kingdom’s National Crime Agency (NCA) in its report has listed Pakistan among top three sources for money laundering in the country. The other two countries are Nigeria and Russia. The NCA is non-ministerial UK government law enforcement agency. Key Highlights of NCA report UK is prime destination for foreign corrupt and politically exposed people Read More…

Month:  Categories: International

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Pakistan admits being added grey list of FATF

Pakistan has confirmed that it will be added on ‘grey list’ of the Financial Action Task Force (FATF) in June 2018, once an action plan is mutually negotiated. But it has disputed claims of being put on ‘black list’ from ‘grey list’, which are mainly non-cooperative countries. Earlier, Pakistan was on the FATF grey-list from Read More…

Month:  Categories: International

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China elected as vice chair of FATF

China was elected as vice chair of Financial Action Task Force (FATF), a global body mandated to combat terror financing and money laundering. In its plenary meeting in Paris, FATF had placed Pakistan under “grey list” subject to direct monitoring and intense scrutiny by International Cooperation Review Group till June 2018 for compliance of Anti-Money Read More…

Month:  Categories: International

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Government makes mandatory for Banks to match original IDs with photocopies

The Department of Revenue (DoR), Finance Ministry has made it mandatory for banks and financial institutions to check original identification documents of individuals dealing in cash above prescribed threshold to weed out  use of forged or fake copies. In this regard, DoR has issued an official gazette notification making an amendment to Prevention of Money-laundering Read More…

Month:  Categories: Business, Economy & Banking

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