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US praises India’s efforts to combat money laundering

In an US government report, it has acknowledged India’s recent efforts to combat money laundering through its amendment of the Prevention of Money Laundering Act, and requested this is extended to areas such as "dealers in precious stones and metals; real estate agents; lawyers, notaries and other independent legal professionals; and accountants". Further tax reform, loosening of currency controls, and facilitating the development of money transfer services should also promote the availability of legal alternatives to hawala – an informal value transfer system that is common practice in India – and reduce money laundering/terrorist financing vulnerabilities.