Illicit fund flows News

Continuing the clampdown on illicit fund flows, the Ministry of Corporate Affairs has already struck off more than 2.24 lakh companies that have not been doing business for long and has disqualified over three lakh directors associated with such entities.

The move also comes at a time when authorities are clamping down on shell companies -- listed as well as unlisted -- for allegedly being used as conduits for illicit fund flows.

Finance Minister Arun Jaitley will Monday inaugurate an international conference which will discuss scope for regional cooperation to effectively deal with illicit financial flows, mainly from tax frauds and human trafficking.

To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.