Delhi : The Bill, passed by Lok Sabha last month, seeks to remove existing limit of Rs 5 lakh as fine under the Act.
Replying to the debate on the bill, Finance Minister P Chidambaram said the Bill will help in checking money-laundering and especially funding for terrorist operations.
Chidambaram said the bill seeks to enlarge definition of offence of money laundering to include activities like concealment, acquisition, possession and use of proceeds of crime as criminal activities.