India probing 1,704 money laundering, terror funding cases India has intensified the crackdown on money laundering and terror funding, with the number of cases under probe rising to 1,704, but conviction levels remain low, an inter- governmental agency said on June 26. In a report, Paris- based Financial Action Task Force (FATF) lauded India for addressing the deficiencies in its Anti- Money Laundering and Countering Financing of Terrorism regime. The number of money laundering investigations in India increased from 798 at the end of 2009 to 1,561 on April 30, 2013, the FATF said, quoting a status update provided by the country last month. Swiss announce US deal to end tax evasion saga Swiss banks will be allowed to pass on more confidential information to the United States authorities to clear up the ongoing tax evasion row between the two countries, the government announced on May 30, 2013. The Wall Street Journal said the deal was a “victory against tax cheats”. It quoted a former assistant US attorney, Jeffrey Neiman, who said: “The Swiss banks are looking to save themselves. It’s no longer in their interest to cater to Americans with undeclared accounts.”
Posted on: Sat, 18 Oct 2014 06:44:19 +0000
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