Organized Crime In The New Millennium

of the total tax arrears of ₹2,480 billion (US$35 billion) about ₹1,300 billion
(US$18 billion) pertain to money laundering and securities scam cases.
Bank accountants must record all transactions over Rs. 1 million and maintain such
records for 10 years.
Banks must also make cash transaction reports (CTRs) and suspicious transaction
reports over Rs. 1 million within 7 days of initial suspicion. They must submit their
reports to the Enforcement Directorate and Income Tax Department.
Singapore
Singapore’s legal framework for combating money laundering is contained in a
patchwork of legal instruments, the main elements of which are:
The Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of
Benefits) Act (CDSA). This statute criminalizes money laundering and imposes
the requirement for persons to file suspicious transaction reports (STRs) and
make a disclosure whenever physical currency or goods exceeding S$20,000 are
carried into or out of Singapore.
The Mutual Assistance in Criminal Matters Act (MACMA). This statute sets out
the framework for mutual legal assistance in criminal matters.
Legal instruments issued by regulatory agencies (such as the Monetary Authority
of Singapore (MAS), in relation to financial institutions (FIs)) imposing
requirements to conduct customer due diligence (CDD).
The term ‘money laundering’ is not used as such within the CDSA. Part VI of the CDSA
criminalizes the laundering of proceeds generated by criminal conduct and drug tracking
via the following offences:
The assistance of another person in retaining, controlling or using the benefits of
drug dealing or criminal conduct under an arrangement (whether by
concealment, removal from jurisdiction, transfer to nominees or otherwise)
[section 43(1)/44(1)].
The concealment, conversion, transfer or removal from the jurisdiction, or the
acquisition, possession or use of benefits of drug dealing or criminal conduct
[section 46(1)/47(1)].
The concealment, conversion, transfer or removal from the jurisdiction of another
person's benefits of drug dealing or criminal conduct [section 46(2)/47(2)].
The acquirement, possession or use of another person's benefits of drug dealing
or criminal conduct [section 46(3)/47(3)].
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