In a recent development, the Ministry of Finance, Department of Revenue, Government of India, issued a significant notification on the 12th of September, 2023, pertaining to the appointment of Administrators under Section 10 of the Prevention of Money-laundering Act, 2002 (PMLA).
The notification, S.O. 3980(E), exercises the powers conferred by sub-section (1) of section 10 read with section 51 of the PMLA. It supersedes a previous notification dated the 10th of September, 2012, and appoints ‘Special Directors’ of the Regional Offices of the Directorate of Enforcement as ‘Administrators.’ These Administrators are tasked with receiving, managing, and disposing of the property confiscated under specific sections of the PMLA.
Scope of Appointment: The appointment of Administrators under Section 10 of the PMLA is significant as it deals with the handling of confiscated properties. The notification specifies that Administrators will manage properties confiscated under provisions of sub-section (5) or sub-section (7) of section 8, section 58B, or sub-section (2A) of section 60 of the PMLA. This indicates the seriousness with which the government is tackling money laundering and related offenses.
Legal Framework: The Administrators appointed are bound by the provisions of the PMLA and the Prevention of Money-laundering (Receipt and Management of Confiscated Properties) Rules, 2005. This legal framework ensures that the handling and disposal of confiscated properties are done in accordance with established regulations.
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 12th September, 2023
S.O. 3980(E).—In exercise of the powers conferred by sub-section (1) of section 10 read with section 51 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (herein after referred to as the said Act), and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, section-3, sub-section (ii) vide number S.O. 2127(E), dated the 10th September, 2012, except as respects things done or omitted to be done before such supersession, the Central Government hereby appoints ‘Special Directors’ of the Regional Offices of the Directorate of Enforcement as ‘Administrators’ to receive, manage and dispose the property confiscated under provisions of sub-section (5) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60 of the said Act, in terms of sub- section (2) and sub-section (3) of section 10 of said Act. The Administrators so appointed shall be governed by the provisions of the said Act and the Prevention of Money- laundering (Receipt and Management of Confiscated Properties) Rules, 2005.
[F. No. K-11022/45/2023-Ad.ED-DOR]
RAJEEV LOCHAN, Under Secy.
