India is set to introduce a new anti to money laundering regime for its financial sector, according to reports.
The move comes amid rising corruption concerns in India, which has been plagued by rampant bribery scandals.
The Finance Ministry said on Monday it would be initiating a new “regulatory framework” to implement the new guidelines for the financial sector and implement new regulations and laws, Reuters reported.
The government said it will be working on “an overall regulatory framework for financial inclusion in the country”.
“The Finance Minister has initiated a new regulatory framework to tackle corruption in the financial industry,” Finance Minister P Chidambaram said in a statement.
India’s government has struggled to stem corruption allegations following a spate of scandals, including those linked to the former chief minister of Punjab, Salman Taseer, who was sentenced to death last year.
The country has also seen a surge in crime linked to online gambling and illegal money transfer operations, while the country is struggling with a shortage of affordable medical equipment.
In May, India became the first country to launch a crackdown on online gambling, which is also known as black market betting, as part of a broader anti-corruption drive.
The country has banned online betting, and authorities have been cracking down on illegal online betting operations.