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India put on US watchlist of money laundering

The United States has put India, along with 51 other countries, on the 'primary concern' list of money laundering of ill-gotten wealth, which it says is estimated at a whopping $1,000 billion across the globe.

Almost all the countries of the world in all continents are affected by the menace, the US State Department said in its annual review of such criminal activities and emphasised the need for international co-operation to keep 'dirty money' launderers in check.

Money laundering, the department notes, distorts business decisions, increases the risks of bank failures and takes control of economic policy away from the government.

The department said that 175 countries have been put in three catergories of 'concern' list.

India and Pakistan are in the 'primary concern' category.

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