India: Money-laundering law: Rigorous jail, hefty fines await tax offenders


Tax evaders could be in for trouble as the government is mulling placing tax crimes on a par with money laundering offences that have severe criminal and financial implications.
India could bring income-tax offences under its anti-money laundering law, making way for easier prosecution, rigorous imprisonment, fines and shifting onus on the accused to prove he is not guilty.
“An inter-departmental group has been set up to examine the changes required,” a senior finance ministry official told ET.
The group’s recommendations could then be placed before Parliament and changes made to the Prevention of Money Laundering (amendment) Bill, 2011.

The offences will include concealment of income, failure to deposit tax deducted at source and false evidence.

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