AAP seeks mandatory disclosure of assets, bank a/cs by people

June 23, 2014 22:39

To curtail flow of black money, the existing law should be amended to make it mandatory for citizens to disclose all their assets and bank accounts in India and abroad, the AAP today said.

In a letter to Prime Minister Narendra Modi, AAP leader and senior advocate Prashant Bhushan said, "A new law, or an amendment to an existing law (such as the Prevention of Money Laundering Act), requiring all Indian citizens to disclose all their assets and bank accounts in India and abroad needs to be introduced."

He said such a law would require citizens to annually disclose a full list of their assets and liabilities, including their stakes in companies or trusts registered abroad.

Any undisclosed assets should be treated as "proceeds of crime", he suggested.

"Any income or assets that are not disclosed in the required form would be deemed to be proceeds of crime, and included as predicate offences defined under the UNCAC (UN Convention Against Corruption).

"This would enable the law enforcement agencies to recover the said assets under provisions of the Prevention of Money Laundering Act, or the provisions of the UNCAC allowing for seizure and confiscation of assets that are proceeds of crime," the letter stated.

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