Anti money laundering laws strengthened

The cabinet approved the amendment to the Prevention of Money Laundering Act recently to include even credit cards, casinos, money transfer service providers like Western Union under the purview of the act. It was being noticed that "dirty money" related to crimes were being routed through these channels. So far in the past, only banks and financial institutions were required to report on suspicious transactions to the RBI. These loopholes are getting plugged now as an audit trail can be established by the regulatory authorities now to monitor transactions happening through these channels too.