RBI to formulate policies to curb money laundering

INDIA - The Reserve Bank of India is in the process of formulating policy, procedures and controls required by banks to check the possible use of the financial system for money laundering and financing of terrorism, according to Mr Vepa Kamesam, Deputy Governor of the apex bank.

Mr Kamesam said since India has accepted the Basel Committee's Core Principles for effective banking supervision, there is a need for improving the accounting and disclosure standards to fall in line with the internati