Govt sets up panel to monitor trade-based laundering
Govt sets up panel to monitor trade-based laundering
In a bid to keep a check on trade based money laundering, the government has formed a panel, according to a PTI report.
 
As a part of governments effort to curb illicit flow of funds, this panel will keep a check on money generation by Indian entities both within and outside the country.
 
This  high level panel will look into trade-based money laundering activities which particularly involves manipulation of invoices. Besides, Director General (DG) Central Economic Intelligence Bureau (CEIB) will be the convener of the committee.
 
"A committee has been formed to study modalities of this (trade based) money laundering and device methods to deal with problems on how it happens and develop models and ways of dealing with it," an official said.
 
The PTI report further states that the committee consists of DG Central Economic Intelligence Bureau (CEIB), DG Directorate of Revenue Intelligence (DRI), Enforcement Directorate, Director Financial Intelligence Unit and CBDT investigation wing.
 
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