MONEY LAUNDERING MEANING
NRIs can now complete online KYC from the US, UK, UAE and other FATF-compliant countries
For Indian investors residing overseas, a new development brings good news. A recent circular from Sebi allows them to open investment accounts without needing to return to India. By permitting digital KYC submissions from various compliant countries, this initiative simplifies the process for non-resident Indians (NRIs) and overseas citizens of India (OCIs).
FBI says North Korea behind $6 billion crypto theft from Binance
The FBI reported North Korea's involvement in a significant cyber heist from Binance. Binance announced that it is covering the losses with over $6.34 billion in company funds. Following the attack, the cryptocurrency market experienced a notable decline in prices, impacting major coins. The hackers, identified as TraderTraitor, are also linked to previous thefts and the notorious Lazarus Group.
ED attaches SP leader Azam Khan's Jauhar University property worth Rs 1,170 crore
The Enforcement Directorate has provisionally attached the assets of Mohammad Ali Jauhar University in Rampur. This action is taken under the Prevention of Money Laundering Act based on allegations against Azam Khan and others. Allegations include the illegal acquisition of land and misappropriation of public funds for the university's construction. Previous investigations revealed significant discrepancies in the financial records of the associated Trust.
Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can do
UAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to assess their foreign assets in relation to their tax status. Those eligible can use the FAST-DS 2026 scheme before the deadline. Failure to disclose such assets may result in severe penalties or taxation. It is important to review and act upon this nudge to avoid repercussions.
ED moves SC against Delhi HC order quashing PMLA case against news portal NewsClick
The Enforcement Directorate has challenged a Delhi High Court ruling that dismissed a money laundering case against NewsClick. The high court determined that the FIR was an abuse of legal process after evaluating the evidence presented. The court found insufficient grounds for the allegations of violating Foreign Direct Investment guidelines. After extensive investigations, the ED did not find any incriminating evidence against the accused.
Special Court orders to begin trial against Kashmiri separatist Yasin Malik, others in money laundering case
A Special NIA Court has ordered a trial against Yasin Malik and six others for money laundering. This case is related to allegations of foreign funding received from the Pakistani establishment through Hawala channels. Allegedly, proceeds of crime amounting to Rs. 8.94 crores were generated and received by the accused. Yasin Malik denied the charges and stated he would contest the case in court.
- Go To Page 1
United Kingdom considers a new investor visa for wealthy foreigners ahead of the October budget
The UK government is considering a new investor visa to attract wealthy individuals and support economic growth. Proposals include various investment thresholds and conditions to encourage foreign capital. The previous investor visa was closed in 2022 due to concerns over financial security and misuse of funds. Immigration lawyers suggest that the existing visa system does not meet the needs of wealthy applicants.
US Stock Market: Why have S&P 500, Dow Jones, Nasdaq suffered worst day since July at Wall Street?
US stock Market today: Much of Wall Street’s pain on Wednesday was due to drops for companies riding the AI frenzy to huge profit growth and stellar stock gains.
Greg Lui DOJ charges: California tech CEO linked to $300 million Nvidia GPU scheme allegedly routed through Malaysia and Singapore to China
Greg Lui was charged by the Department of Justice for allegedly exporting restricted computer servers to China. The indictment includes conspiracy to violate export control laws and money laundering. Lui and associates misrepresented shipments through Malaysia and Singapore to bypass regulations. It is claimed that over $300 million of advanced technology was involved in the scheme. If convicted, Lui faces significant prison time for these serious offenses.
NIA court frames charges against Yasin Malik, 6 others for offence of money laundering; ED alleges foreign funding through Hawala
A Special NIA Court in New Delhi has ordered charges against Yasin Malik and six others for money laundering. The case involves the alleged transfer of Rs 8,94,87,639 through hawala channels from Pakistan for subversive activities. The accused are linked to the Jammu & Kashmir Liberation Front and previous terrorist activities. The court proceedings are set to continue, with a hearing scheduled for October 30.
Do banks report deposits over $10,000 to the IRS? What really happens when you cross the cash reporting threshold
A cash deposit exceeding $10,000 in a single day triggers an automatic report to the federal government. Financial institutions do not make this decision based on suspicion or branch policy. The Bank Secrecy Act mandates it. When an individual or business deposits large sums of physical currency, the bank must file a Currency Transaction Report (CTR), specifically FinCEN Form 104, alongside IRS Form 8300.
a16z’s Raghuram isn't writing off India AI yet; insurers weigh new rules
Happy Monday! a16z’s Raghu Raghuram said India can build frontier AI companies by using its talent. This and more in today’s ETtech Morning Dispatch.
'Corruption taking place right under CM's nose': Punjab Congress chief Warring questions ED timing of Punjab raids
Amrinder Singh Raja Warring criticized the Enforcement Directorate's recent investigations into corruption in Punjab. He questioned why the agency became active only before elections. Warring emphasized that significant corruption had occurred under the Chief Minister's watch over the past five years. He also highlighted concerns about potential collusion at high levels amid political tensions. Meanwhile, Aam Aadmi Party protested against alleged misuse of central agencies by the government.
BRICS adopts New Delhi Declaration: Inside the 140-point document on Global South's ambitions
BRICS leaders adopted the New Delhi Declaration at the 18th summit, reaffirming their commitment to cooperation, multilateralism and a more representative global order. The document outlines India's 2026 chairship priorities, recognises partner countries' contributions and calls for greater participation of Emerging Markets, Developing Countries and Least Developed Countries in global governance.
New Zealand woman opens bank account in US after migration. Banks locks here $40,000 dollar
A New Zealand woman faced a harrowing experience after depositing forty thousand dollars. Her newly opened Chase bank account was locked and subsequently closed by the bank. The bank cited their right to refuse service and stated a cheque would be mailed. Other users suggested new accounts undergo enhanced anti-money laundering reviews. This incident highlights potential challenges for new residents opening U.S. bank accounts.
‘99% accuracy is not enough’: SBI chairman lays out three rules for trusted AI
Financial institutions must build trust into agentic AI systems from the outset. These systems require 100% accuracy and consistent performance at population scale. Accountability becomes crucial as AI moves from recommendation to execution of actions. Access without asymmetry ensures AI adapts to customers without bias. Agentic AI can democratise financial intelligence across India's diverse population.
GFF 2026: Axis Bank, J.P. Morgan see banking move from AI that knows customers to AI that acts
Banks are using AI to deeply understand customers and anticipate their needs. Axis Bank is experimenting with AI for personalised banking services and customer engagement. J.P. Morgan is deploying AI for trade analysis, customer service, and fraud detection. This AI transformation spans the entire financial journey from understanding to execution.
ED raids Jarkiholi, MP daughter; Congress alleges targeting of Opposition leaders
Central agencies are being used to threaten opposition leaders, according to Karnataka Congress president B K Hariprasad. The Enforcement Directorate searched premises linked to state minister Satish Jarkiholi and his daughter. Hariprasad questioned the targeting of Jarkiholi and the lack of raids on his BJP-affiliated brothers. The Supreme Court has previously reprimanded the Enforcement Directorate for its actions. Further details regarding the investigation are still awaited by officials.
$4.4 trillion black money: Everyone in the world can get a laptop
Global illicit money flows reached $4.4 trillion in 2025, growing faster than the world economy. Organized crime and corruption alone accounted for $2.78 trillion in 2025. India's economic offenses rose significantly, with financial losses mounting each year. Recovery rates remain low, and convictions under anti-money laundering laws are minimal. The judiciary is proactively addressing emerging digital scams and cross-border financial crime.
Recruitment Scam: Karnataka Suspends IAS Officer Gyanendra Gangwar after CID Arrest, ED Scrutiny
In a significant move, an IAS officer has been suspended after being arrested for alleged misconduct linked to KPSC recruitment. Gyanendra Kumar Gangwar, the ex-Controller of Examinations, is charged with corruption as investigations by the Enforcement Directorate and CID reveal extensive malpractices in recruitment, including manipulated OMR sheets and bribery accusations. The scope of the inquiry is likely to broaden, potentially implicating other officials, notably the suspended KPSC Chairman.
Protection in predicate FIR doesn't extend to PMLA case: Delhi HC
The Delhi High Court ruled that predicate offence protection does not extend to money laundering cases. Anticipatory bail was denied to a businessman facing Enforcement Directorate prosecution. The court emphasized economic offences require a distinct and serious approach for bail. Proceeds of crime amounting to Rs 26.18 crore were traced to the petitioner. The petitioner's non-cooperation with the investigation led to the dismissal of his plea.
Sebi updates guidelines on anti-money laundering norms
The development comes after the government amended the Prevention of Money Laundering (Maintenance of Records) Rules or PMLA rules in September.
Kriti Verma: Tax officer-turned-actor under ED lens for Rs 263 Cr money laundering case
Kriti Verma, a former Roadies and Bigg Boss season 12 contestant, has been accused of benefiting from money laundering.
El Salvador Bitcoin move opens banks to money laundering, terrorism financing risks: Fitch
The bitcoin move, set to take effect on Sept. 7, "would increase financial institutions' regulatory, financial and operational risks, including the potential of violating international anti-money laundering and terrorist financing standards," said Fitch.
Titan's jewellery division takes Rs 250-300 crore hit due to GST
During the quarter, its jewellery division was also impacted from the applicability of the Prevention of Money Laundering Act to the jewellery business.
Money laundering case against me a malicious prosecution: Sachin Pilot
Rajasthan Congress President Sachin Pilot termed the filing of a money laundering complaint against him and others by the ED, a case of "malicious prosecution."
Real estate, election campaigns routing black money: Report
Money generated through illegal means is laundered through various means, including real estate and election campaigns, in India, a report said.
All property deals to be scanned by fin watchdog
Financial Intelligence Unit (FIU), India’s anti-money laundering agency, wants to scan real estate deals. It has asked states to submit monthly data on registration of properties, a state government official, who did not wish to be identified, told ET.
Cabinet clears deletion of Clause 63
THE changes in the Money Laundering Bill, 1999, approved by the Union Cabinet go beyond redefining money laundering and enhancing the threshold for transactions to be monitored by the banks. Based on the recommendations of the Standing Committee on Finance, the Cabinet has also cleared the deletion of clause 63 and amendments to clause 64 of the Money Laundering Bill, 1999.
Load More
