The Swiss will put India’s anti-money laundering legislation to the test


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This year, the Swiss courts will put India’s Black Money Law to the test, which empowers the tax authorities to pursue citizens with hidden international bank accounts and assets.

Almost a half-dozen requests are set to be heard in the coming weeks to prevent Swiss authorities from sharing information with India on the grounds that the harsh law can be used to impose harsher ‘criminal’ sanctions than those that would have been possible at the time the offences were committed —— features that are incompatible with the Swiss legal system and values, according to lawyers familiar with the matter.

The appellants cite the reference to the Black Money Act in the Indian Income Tax (I-T) department’s ‘information request’ to Switzerland, as well as notifications and summons received from the Enforcement Directorate (ED), which can prosecute those implicated in money laundering.

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