News

The financial services industry is playing an increasingly pivotal role in the Indian government's campaign to tackle tax evasion and other financial crime by seizing undeclared assets and illicit funds. Last month, India's Finance Ministry blocked the bank accounts of nearly 210,000 firms already blacklisted for having no apparent business purpose or commercial activity that would justify their financial flows. The Ministry of Corporate Affairs, or MCA, disqualified roughly 55,000 directors associated with the shell companies. Indian financial institutions have also been asked to assist by providing law enforcement agencies with account and transactional information on both the targeted firms...