The government on Monday set up a high-level inter-ministerial committee chaired by the revenue secretary for better coordination among various departments and law enforcement agencies to prevent money laundering activities.

The 19-member Inter-Ministerial Co-ordination Committee (IMCC) has five secretaries, including from ministries of finance and external affairs, and chiefs of various regulatory authorities, as well as probe agencies, according to a notification.

Besides ensuring operational cooperation among the government, law enforcement agencies, the Financial Intelligence Unit-India and the regulators or supervisors, the committee would also work on development and implementing policies on anti-money laundering and countering the financing of terrorism.

The revenue secretary-headed panel has secretaries of Financial Services, Economic Affairs, Ministry of Corporate Affairs, and Ministry of External Affairs as member.

Director, Intelligence Bureau Ministry of Home Affairs, Chairman Sebi, Chairman Irdai, Deputy Governor (Banking Regulations) RBI, Chairman CBIC, Chairman CBDT, Special Secretary (Internal Security) Ministry of Home Affairs, and Member (Banking and Direct Benefit Transfer) Department of Posts are other members of the panel.

Director Directorate of Enforcement, Director General National Investigation Agency, Director General Narcotics Control Bureau, Director Financial Intelligence Unit-India, Director Serious Fraud Investigation Office and Director General Central Economic Intelligence Bureau are also members of the committee.

The committee would work towards policy cooperation and coordination across all relevant or competent authorities, said the terms of the reference of the committee.

Also, it will hold "consultation among the concerned authorities, the financial sector and other sectors, as are appropriate, and are related to anti-money laundering or countering the financing of terrorism laws, regulations and guidelines", it said.

The Financial Action Task Force Cell in Department of Revenue shall act as secretariat to the said Committee.

The government has set up the IMCC using its powers conferred under the Prevention of Money Laundering Act, 2002.