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PayPal ruling to aid India's anti-black money regime
The Business Guardian
|July 31, 2023
A recent Delhi High Court A rece American online payment gateway PayPal a 'reporting entity' under the anti-money laundering law will boost India's efforts to show that its financial systems, currently under a FATF review, are becoming "robust", financial investigators have said.
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The court of Justice Yashwant Verma on 24 July ruled that PayPal was liable to be viewed as a payment system operator under the Prevention of Money Laundering Act (PMLA) even as it quashed a Rs 96 lakh penalty imposed on the firm imposed by the Financial Intelligence Unit (FIU) in December 2020.
The Financial Action Task Force (FATF), a Paris headquartered global body, leads action against money laundering and terrorist financing crimes. A review of the Indian anti-money laundering systems is currently underway and a visit of the FATF team is expected to commence in November.
Cette histoire est tirée de l'édition July 31, 2023 de The Business Guardian.
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