To further ring-fence its jurisdiction from any attempts of round-tripping and money laundering activities, Mauritius has agreed to include a ‘limitation of benefits (LOB)’ clause in its revised tax treaty with India. While specific details of this clause in the India-Mauritius tax treaty are being ironed out, LoB clauses are typically aimed at preventing ‘treaty […]

The new requirements for getting TRC in Mauritius need to be handled carefully. In the early ‘90s, with the opening up of the Indian economy for foreign investment, the island nation of Mauritius benefitted massively as it became the hub for directing foreign investment into India. Not surprisingly, the Indian revenue authorities have, over the […]

A team of the Central Bureau of Investigation (CBI) of India arrives in Mauritius as part of an investigation into a money laundering case involving a former Minister of India. The former minister Janardhan Reddy, currently in custody, suspected of being the head of the companies involved in illegal mining. According to Indian media, Janardhan […]

Low conviction rate is a serious effectiveness issue, says Financial Action Task Force India has considerably stepped up its investigations in money laundering and terror funding with the number of cases under probe rising to 1,704, even though a low conviction level remains a “serious effectiveness issue”. Lauding India for addressing the deficiencies in its […]

Major Indian Private Sector Banks, HDFC Bank, ICICI Bank and Axis Bank, Are Blatantly Running A Huge Nation-wide Money Laundering Racket A Cobrapost pan-India undercover investigation spanning several months, unearths a vast, nation-wide money laundering racket being run by HDFC Bank, ICICI Bank and Axis Bank.  The brazen criminal activity by these banks is channelizing […]

The Reserve Bank of India (RBI) today penalised the country’s top three private lenders – ICICI Bank, HDFC Bank and Axis Bank – for violating its instructions on know-your-customer (KYC) and anti-money laundering (AML) guidelines. • Axis Bank has been fined Rs 5 crore, • HDFC Bank Rs 4.5 crore and • ICICI Bank Rs 1 crore. RBI […]

Investigators’ efforts to unlock the Swiss banking secrecy code in Money laundering and tax evasion probes have gained momentum with India making maximum number of requests for classified tax data exchange last fiscal to the authorities of the alpine country. India’s global requests for obtaining classified tax information, in the face of a number of […]

Dawood Ibrahim, the man who maimed Mumbai on March 12, 1993, has emerged as the face behind home-grown terrorist outfit Indian Mujahideen (IM). Dawood and his intricate network of bogus Hawala firms, spread across the country, have been covertly financing IM’s network in India, said sources in the central agencies and counter-terrorism units investigating blast […]