This is a timely caution to government and regulators in the financial sector. Perhaps, confused with the shifting and dodging of responsibility by various authorities including finance ministry in the financial sector, FSLRC went to another extreme of suggesting a single regulator for financial sector. In the Indian context, such an institutional change may not happen that soon. But, regulators and GOI as also state governments should take cognizance of the blatant violations of established law by several agencies and take remedial action by following a coordinated approach. Coming to the limited issue of money laundering, finance ministry should take immediate supportive measures to follow up the symbolic action taken by RBI using its powers categorizing the goings on as a ‘KYC’ issue.
- M.G.Warrier
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