The Indian government has broadened the list of reporting entities under the Prevention of Money Laundering Act (PMLA) to strengthen data collection and combat money laundering, according to an official order.
The expanded list now includes nominee directors, nominee shareholders, partners, and providers of office accommodation without a proper contract meeting certain criteria. These entities join others such as banks and real estate agents in carrying out customer due diligence, record keeping, and reporting suspicious transactions.
Experts have said that the modifications signal the authorities' zero-tolerance stance on issues of money laundering.
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