1 Nov 2019

Inter-Ministerial Committee on money launderingQuick read

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Source: PRS, Monthly Policy Review

Recently the Ministry of Finance constituted an InterMinisterial Co-ordination Committee on money laundering

Key highlights

  • 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. 

Composition: 

  • 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.


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