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The Financial Intelligence Unit (FIU) has fined Axis Bank over Rs 1.66 crore for failing to detect and report suspicious transactions carried out at one of its branches. The transactions involved the creation of a fraudulent account in the name of the counter-terrorist commando force NSG. The FIU issued the fine under the Prevention of Money Laundering Act, which allows for monetary penalties if a reporting entity fails to comply with its obligations. [Extracted from the article]

The Enforcement Directorate has attached assets worth over Rs 115 crore of two individuals, Raghav Magunta and Sarath Chandra Reddy, in a money laundering case related to the Delhi excise policy. The individuals are alleged to be part of a group that made a payment of Rs 100 crore to the Aam Aadmi Party (AAP) to manipulate the policy in their favor. The policy has since been scrapped due to allegations of illegalities. A chargesheet has been filed against former Telangana chief minister K Chandrashekar Rao's daughter and four others in connection with the case. [Extracted from the article]

India's main financial crime fighting agency, the Enforcement Directorate (ED), has been accused of being weaponized by Prime Minister Narendra Modi and his party to target political opponents. The ED has investigated over a hundred opposition politicians in the past decade, leading to detentions, raids, and questioning. The opposition claims that it is being targeted by the ED and other federal agencies at the behest of the ruling Bharatiya Janata Party (BJP). The ED operates without discriminating between political parties and has targeted both opposition politicians and BJP politicians. [Extracted from the article]

India's main financial crime fighting agency, the Enforcement Directorate (ED), has been accused of being weaponized by Prime Minister Narendra Modi and his party to target political opponents. The ED has investigated over a hundred opposition politicians in the past decade, leading to detentions, raids, and questioning. The opposition claims that it is being targeted by the ED and other federal agencies at the behest of the ruling Bharatiya Janata Party (BJP). The ED operates without discriminating between political parties, but critics argue that there needs to be more transparency in how the agency chooses whom to investigate. [Extracted from the article]

PayPal has registered with the Financial Intelligence Unit of India under the country's anti-money laundering law. This comes after a six-year legal battle between the online payments gateway service provider and the Indian government. PayPal has completed the necessary procedures and submitted the required documents to the FIU. India's current account deficit also narrowed to 1% of GDP in the second quarter of 2023-24, down from 1.1% in the previous quarter and 3.8% a year ago. [Extracted from the article]

According to the Reserve Bank of India (RBI), India's current account deficit (CAD) has decreased to 1% of GDP in the July-September quarter, down from 1.1% in the previous quarter and 3.8% compared to a year ago. The CAD decreased to $8.3 billion in the September quarter of 2023-24, compared to a deficit of $9.2 billion in the previous three months. In the same quarter of the previous year, the current account balance recorded a deficit of $30.9 billion. In other news, PayPal has registered its operations with the Financial Intelligence Unit of India under the Prevention of Money Laundering Act. This comes after a legal battle between the two entities. [Extracted from the article]

The article focuses on Jet Airways founder Naresh Goyal's request for permission to undergo an endoscopy at a Mumbai, India hospital while facing charges related to money laundering and alleged bank loan fraud.

The article highlights that the Indian Finance Ministry has revised the definition of beneficial owners under the anti-money laundering law, lowering ownership threshold to 10 percent for reporting entities such as banks, as per the amendments to the Prevention of Money Laundering Rules.

The article highlights that the Prevention of Money Laundering Act's (PMLA) provisions are being considered for decriminalisation, but the Directorate of Enforcement (ED) has objected, warning that this will limit the agency's authority and obstruct its operations.

The article informs that Enforcement Directorate (ED) has attached funds of a nonbanking financial company (NBFC) in connection with a money laundering investigation and mentions that provisional order was issued under the Prevention of Money Laundering Act (PMLA).

The article reports that a special Prevention of Money Laundering Act (PMLA) court held that it appeared former ICICI Bank CEO Chanda Kochhar had misused her official position in granting loans to V N Dhoot of Videocon group companies and got illegal gains through her husband Deepak Kochhar.

The article reports on the proposed digital rupee of the Reserve Bank of India (RBI), which will be issued in 2023 and is expected to enhance the digital economy and help curb the rampant black money problem in India.

The article focuses on the Latvian government's pledge to address money laundering and corruption in the country's banking industry. Topics covered include Latvian Prime Minister Krisjanis Karins' meeting with U.S. Treasury Secretary Steven Mnuchin in July 2019, the problem of many banks in Latvia being owned by Russian and Ukrainian entities of dubious origin, and how Western financial companies such as Deutsche Bank have terminated their correspondent banking relationships with Latvian banks.

The article focuses on the multiple transactions done by legal entities controlled by U.S. President Donald Trump and his son-in-law Jared Kushner in 2016 and 2017 which caught the attention of anti-money laundering specialist at Deutsche Bank. Topics covered include the decision of bank executives not to report the suspicious activities to the Treasury Department and an investigation conducted into the Trump family's relationship with the German bank.

The article discusses that IDBI Intech Limited, a leading information technology company, implemented an Anti Money Laundering solution at the country's insurance company, Life Insurance Corp. of India.

The article mentions that the Delhi, India high court has set five orders that prevented the Enforcement Directorate from attaching the assets of those suspected of violating the Prevention of Money Laundering Act.

The article offers information on the delays in Great Britain's plans to suspend top tier investor visas, discussing the role of preventing organised crime and money laundering in Home Office's suspension plans, and the views of immigration minister Caroline Nokes on it.

The article reports that British government is planning to suspend Tier 1 visas program, which allows wealthy investors to fast-track their settlement in the country, to prevent money laundering and mentions views of Immigration Minister Caroline Nokes on the same.

The article reports that India and Switzerland have signed an agreement to allow automatic sharing of tax-related information according to the Central Board of Direct Taxes (CBDT) of India, discussing the impact of agreement on efforts to combat black money.

The article offers views of Arun Kumar, a former professor of economics in India, on need for a social movement to demystify black money, and tax havens to the public, so that they can put pressure on politicians to take action, and get rid of corrupt politicians and corrupt administration.

The article discusses demonetization policy introduced by the Indian Prime Minister Narendra Modi to address the problem of corruption and black money. Particular focus is given to the difficulties experienced with no cash availability at ATM's and long queues at banks with rural areas suffering the most from it. Various comments on this issue by Modi, Congress Party spokesman Randeep Surjewala, and Finance minister Arun Jaitley are also included.

The article examines the possible effect of the stricter rules being considered by banks and regulators for cross-border money transfer business in 2016. Topics discussed include the refusal of banks to do business with money transmitters over concerns about money laundering and extra regulatory investigation, the decision by Bank of America and JPMorgan Chase to terminate their low-cost remittance services, and affected businesses like convenience stores.

The article discusses the disappearance of money from Bangladesh's central bank in the Philippines following an electronic transfer out of an account with the Federal Reserve Bank of New York. Emphasis is given to topics such as money laundering through the casino industry in the Philippines, bank secrecy laws, and anti-money-laundering efforts in the global banking system.

The article looks at New York State banking law, reporting on regulations to be proposed by New York Governor Andrew M. Cuomo designed to prevent money laundering and illicit funds transfers, including those to terrorist organizations. Topics include the relationship between state and federal banking regulation in the U.S. and the Islamic State militant group's finance.

The article discusses statement of Microfinance Institutions Network regarding impact of demonetisation to prevent money laundering, on micro lenders, increase in the portfolio at risk and views of Ratna Vishwanathan of the network on the impact of withdrawal of high value notes from circulation.

The article discusses impact of demonetization by the Indian government to prevent money laundering on business including decline in auto sales and apartment sales; earnings of fast-moving consumer goods (FMCG) firms Hindustan Unilever Ltd. and Godrej Consumer Products Ltd.

The article discusses statement of Crisil about impact of demonetisation on the Indian corporates to continue into the fourth quarter of 2017, gross domestic product (GDP) forecast by ratings agency Fitch and comments from Dan Martin of Fitch Wire on same.

The article discusses impact of demonetization on all sectors citing impact on advertising industry as brands postpones their media spends due to the decline in revenues and spending of as fast moving consumer goods (FMCG) and telecommunication companies on television advertisements.

The article discusses report of JM Financial revealing impact of demonetization on overall performance of the consumer goods sector in the third quarter of 2017 along with decline in sales, earnings and EBITDA.

The article discusses Kotak Institutional Equities' pre-earnings season report revealing decline in profit of fast moving consumer goods companies during the third quarter of 2017 due to post demonetization to control black money and counterfeit notes; and its impact on sales.

The article discusses the emergence of digital black money in India, rooting to demonetization, and suggests government initiatives to prevent such issues.

An excerpt from the article "Banks asked to do central data checking: RBI on laundering" is presented, which discusses the warning issued by the Reserve Bank of India (RBI) on money laundering, urging banks to conduct central data checking to prevent laundering and fraudulent currency exchange.

The article offers information on the decision Indian Prime Minister Narendra Modi to demonetize Rupees 500 and 1000 bank notes and deposit of less than expected black money in banks, and views of Indian Minister of State for Finance, Arjun Ram Meghwal on the amount of deposited money.

The article reports on the plan of the National Crime Agency (NCA) of Great Britain to create a new national economic crime centre to prevent money laundering by drug dealers and people traffickers in Great Britain in 2017.

The article discusses that central India agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against the REI Agro Ltd., a prominent basmati rice processing company, in connection with an alleged multi-crore bank loan fraud case.