Government considering White Paper on black money, says MoS for finance S S Palanimanickam

NEW DELHI: Government said it is considering coming out with a ' White Paper' on steps taken by it to bring back black money stashed in overseas accounts.

"The proposal is under the consideration of the Government," Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply to a question on the proposal to come out with a White Paper on black money issue.

The Government is facing flak from both the Opposition and civil society for not doing enough to bring back ill-gotten money stashed in foreign accounts.

The Centre has adopted a 5-pronged strategy to deal with the problem. These include bringing back black money stashed abroad, joining global crusade, creating appropriate framework and setting up institutions to deal with illicit funds.

Besides, the government has commissioned a study to estimate the quantum of unaccounted income and wealth inside and outside the country and its ramifications on national security. The study is to be submitted by September, 2012.

In another reply, Palanimanickam said the government is taking comprehensive steps to combat money laundering and terrorist financing in accordance with international standards and best practices.

"These steps include bringing about amendments in the Prevention of Money Laundering Act, 2002 and Unlawful Activities (Prevention) Act, strengthening the regulatory and law enforcement\intelligence system and improving compliance by the regulatory entities," he said.

He further said the amendments to the Prevention of Money Laundering Act is proposed to be introduced in the Parliament "shortly".