MOCI Launches New Portal To Combat Money Laundering

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the "clean" money to the launderer in an obscure and indirect way. Ministry of Commerce and Industry (MOCI) has launched an anti-money laundering and terrorist financing department portal as part of its plan to digitize services. The ministry said in a statement on Monday that the gateway provides full services, calling upon companies to make their transactions through the digital service. The smart tool audits and analyzes financial data.