Union Revenue Secretary N.K. Singh, who is also the chairman of the 13-member expert committee appointed by the UN Secretary-General to look into the efficiency of the drug control mechanism across the world, told newspersons this afternoon that the legislation on money laundering will encompass various other crimes as well.

``We will discuss ways to deal with financial institutions, especially those who have suspicious transactions. We will try to get the corporate sector involved to combat this problem,'' said Singh.

The legislation is being proposed to track down the approximately four billion dollars which is earned annually through illegal drug trade in the world. Most of the money is believed to be laundered through ghost bank accounts, real estate business and hotels. Singh said that India will honour the UN declaration, and a legislation is already in the offing. The Bill on money laundering, which was drafted by a inter-ministerial task force, is pending with the Union Law Ministry. It is expected to be introduced during the current budget session of the Parliament.

Besides Singh, other members of the Indian delegation to New York will include Deputy Chairman of the Planning Commission Jaswant Singh and Union Welfare Minister Maneka Gandhi. Director-General of Narcotics Control Bureau H.P. Kumar, and other officials of the revenue department and external affairs ministry will accompany the delegation.

The United Nations International Drug Control Programme (UNDPC) regional representative in India, Abdul Latif, said that other than money laundering, judicial co-operation, reduction in demand for drugs, eradicating crop development and suggesting alternatives, and checking synthetic stimulants would be discussed at the conference.