Prevention of Money Laundering Act

Analysis of Prevention Of Money Laundering Act, 2002

Fema / RBI - What is Money Laundering? It is the process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. Those who commit the underlying criminal activity may attempt to launder the money themselves, but increasingly a new class ...

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A brief on Money Laundering

Fema / RBI - Money Laundering is the processing of criminal proceeds to disguise its illegal origin. Terrorism, Illegal arms sales, Financial Crimes, Smugglings, Activities of Organized Crimes, Including drug trafficking, Prostitution rings...

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FAQ On Prevention of Money Laundering Act, 2002

Fema / RBI - Q1. What is PMLA? PMLA refers to the Prevention of Money Laundering Act, 2002. Q2. When did the Prevention of Money Laundering Act come into force? The Prevention of Money Laundering Act, 2002 has come into force with effect from 1 July, 2005. The Act was amended by Prevention of Money Laundering (Amendment) Act 2009 w.e.f 01.06.2009....

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Checklist For Prevention Of Money Laundering

Fema / RBI - As per the provisions of the Act, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (which includes a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar ...

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List of 53 persons, who are absconding, under PMLA, 2002

Fema / RBI - As per information received from the Directorate of Enforcement, New Delhi, the prosecution complaint has been filed against 53 persons, who are absconding, under the Prevention of Money Laundering Act, 2002. The list is attached as Annexure-A....

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PMLA act and rules do not support account portability

Fema / RBI - RBI has also stated that provisions of Prevention of Money Laundering Act (PMLA) and Rules do not support account portability between banks as records pertaining to identity of a client has to be maintained by the bank establishing relationship with the customer for a period of 10 years from the date of cessation of the transactions betw...

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SEBI issues Master Circular on Anti Money Laundering Standards/ Combating the Financing of Terrorism

Fema / RBI - Sub: Master Circular on AML/CFT – Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under. 1. The Prevention of Money Laundering Act, 2002 (PMLA) was brought into force with effec...

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RBI penalises two cooperative banks of Gujrat for violation of KYC and AML guidelines

Fema / RBI - The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People''s Cooperative Bank -- for violation of banking norms. ...

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ED to register money laundering case in Citibank fraud

Fema / RBI - The Enforcement Directorate will soon file a case of money laundering in connection with the Rs 400 crore fraud allegedly perpetrated by a Citibank employee. Official sources said the Directorate, which has studied the details of the police FIR in ...

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PML Act, 2002 Provisions cannot be invoked Retrospectively

M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) - By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....

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Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others

Binod Kumar Vs State of Jharkhand & Others (Supreme Court of India) - Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...

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Revised law for Issue of summon and notice under PMLA

Notification No. G.S.R.515 (E) - (24/05/2017) - (1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer....

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Recent Posts in "Prevention of Money Laundering Act"

List of 53 persons, who are absconding, under PMLA, 2002

As per information received from the Directorate of Enforcement, New Delhi, the prosecution complaint has been filed against 53 persons, who are absconding, under the Prevention of Money Laundering Act, 2002. The list is attached as Annexure-A....

Read More
Posted Under: Finance |

Revised law for Issue of summon and notice under PMLA

Notification No. G.S.R.515 (E) (24/05/2017)

(1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer....

Read More

PML Act, 2002 Provisions cannot be invoked Retrospectively

M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court)

By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....

Read More

Analysis of Prevention Of Money Laundering Act, 2002

What is Money Laundering? It is the process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. Those who commit the underlying criminal activity may attempt to launder the money themselves, but increasingly a new class ...

Read More
Posted Under: Finance |

A brief on Money Laundering

Money Laundering is the processing of criminal proceeds to disguise its illegal origin. Terrorism, Illegal arms sales, Financial Crimes, Smugglings, Activities of Organized Crimes, Including drug trafficking, Prostitution rings...

Read More
Posted Under: Finance |

FAQ On Prevention of Money Laundering Act, 2002

Q1. What is PMLA? PMLA refers to the Prevention of Money Laundering Act, 2002. Q2. When did the Prevention of Money Laundering Act come into force? The Prevention of Money Laundering Act, 2002 has come into force with effect from 1 July, 2005. The Act was amended by Prevention of Money Laundering (Amendment) Act 2009 w.e.f 01.06.2009....

Read More
Posted Under: Finance |

Checklist For Prevention Of Money Laundering

As per the provisions of the Act, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (which includes a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar ...

Read More
Posted Under: Finance |

PMLA act and rules do not support account portability

RBI has also stated that provisions of Prevention of Money Laundering Act (PMLA) and Rules do not support account portability between banks as records pertaining to identity of a client has to be maintained by the bank establishing relationship with the customer for a period of 10 years from the date of cessation of the transactions betw...

Read More
Posted Under: Finance |

SEBI issues Master Circular on Anti Money Laundering Standards/ Combating the Financing of Terrorism

(01/07/2011)

Sub: Master Circular on AML/CFT – Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under. 1. The Prevention of Money Laundering Act, 2002 (PMLA) was brought into force with effec...

Read More
Posted Under: Finance |

RBI penalises two cooperative banks of Gujrat for violation of KYC and AML guidelines

The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People''s Cooperative Bank -- for violation of banking norms. ...

Read More
Posted Under: Finance |
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