India: Government tightens routes for trade based money laundering
02 Dec 2016

The Indian government has tightened an oft-used route for trade-based money laundering. Issuance of remittances or opening of letter of credit in trade will now be done electronically involving the Reserve Bank of India, banks and customs authorities.

The move comes after the Directorate of Intelligence detected a major laundering case in which traders submitted same documents in multiple banks to transfer funds abroad against imports.

 

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