Recent terror attacks in Mumbai, fear of growing terrorism in India and money laundering seems to be the cause of concern for Union Finance Minister Pranab Mukherjee, who asked nations to reinforce their abilities to combat money laundering and terrorist financing, by launching more effective, competent and productive campaign against this threat.

Pranab Mukherjee inaugurated the 14th annual meeting of the Asia Pacific Group on Money Laundering in India on Tuesday. In the meeting, he pointed out that the amount of money that generates from criminal activities and being laundered throughout the world is supposedly to around several billions. The amount is that huge that it could be equated with 2% to 5% GDP of the world. He was not sure about the exact amount that is being laundered.

He informed that countries could play their part by raising consciousness about the incident, especially its socio-economic impact. Even countries could also frame some necessary legal and institutional guide lines, effective laws and international cooperation is must.

He revealed that India is doing its bit too, to fortify anti-money laundering and combating the financing of terrorism system. Amendments would be made in the Prevention of Money Laundering Act and Unlawful Activities
(Prevention) Act. Both these acts would be put in line with the advice of the Financial Action Task Force (FATF).

He also publicized that Finance Ministry has increased the manpower of the Directorate of Enforcement by three times, which would increase India’s money laundering investigations.