Prevention of Money Laundering Act

A brief study on Money Laundering Operation

Fema / RBI - In very simple word Money Laundering can be defined as a measure to convert illicit or illegal fund into legitimate source of Income to deflect suspicion when invested or spent....

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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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Bill to amend PML Act, 2002 through Finance Act, 2018 introduced

Fema / RBI - Following amendments have been made in the Prevention of Money-laundering Act, 2002 (PMLA) through Finance Act 2018. The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecution of PMLA cases....

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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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Delhi HC upholds Constitutional Validity of 2nd proviso to Section 5(1) of PMLA

J Sekar Vs. Union Of India & Ors (Delhi High Court) - The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5 (1) of the Prevention of Money-laundering Act, 2002 (PMLA). ...

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SC held provisions of Section 45(1) of PMLA provision Imposing Twin Condition for granting Bail as unconstitutional

Nikesh Tarachand Shah Vs. Union Of India & Anr. (Supreme Court of India) - SC held that Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India. ...

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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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PMLA 2002: Real estate agents shall be deemed to be a person carrying on designated business or profession

Notification No. 8/2017 - (15/11/2017) - In exercise of the powers conferred by sub-clause (iii) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies that real estate agents as defined...

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PML (Maintenance of Records) Fifth Amendment Rules, 2017

Notification No. 6/2017 - (16/10/2017) - Obtaining a certified copy by reporting entity shall mean comparing the copy of officially valid document so produced by the client with the original and recording the same on the copy by the authorized officer of the reporting entity in a manner prescribed by the regulator....

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Govt exempts Gems & Jewellery dealers from PMLA Requirements

G.S.R. 1223(E) - (06/10/2017) - The Government has received representations from various Associations in the Gems and Jewellery sector with respect to certain incongruities in Notification No. 4/2017 dated 23rd August, 2017, wherein dealers in precious metals, precious stones and other high value goods were notified as person carr...

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PML (Maintenance of Records) Fourth Amendment Rules, 2017

Notification No. 5/2017 - (23/08/2017) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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Govt notifies dealer in precious metals / stones etc. under PML Act, 2002

Notification No. 4/2017 - (23/08/2017) - G.S.R. 1058(E).-In exercise of powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies the dealer in precious metals, precious stones and other high value goods...

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Recent Posts in "Prevention of Money Laundering Act"

Delhi HC upholds Constitutional Validity of 2nd proviso to Section 5(1) of PMLA

J Sekar Vs. Union Of India & Ors (Delhi High Court)

The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5 (1) of the Prevention of Money-laundering Act, 2002 (PMLA). ...

Read More

Bill to amend PML Act, 2002 through Finance Act, 2018 introduced

Following amendments have been made in the Prevention of Money-laundering Act, 2002 (PMLA) through Finance Act 2018. The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecution of PMLA cases....

Read More
Posted Under: Fema / RBI |

SC held provisions of Section 45(1) of PMLA provision Imposing Twin Condition for granting Bail as unconstitutional

Nikesh Tarachand Shah Vs. Union Of India & Anr. (Supreme Court of India)

SC held that Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India. ...

Read More

PMLA 2002: Real estate agents shall be deemed to be a person carrying on designated business or profession

Notification No. 8/2017 (15/11/2017)

In exercise of the powers conferred by sub-clause (iii) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies that real estate agents as defined...

Read More

PML (Maintenance of Records) Fifth Amendment Rules, 2017

Notification No. 6/2017 (16/10/2017)

Obtaining a certified copy by reporting entity shall mean comparing the copy of officially valid document so produced by the client with the original and recording the same on the copy by the authorized officer of the reporting entity in a manner prescribed by the regulator....

Read More

Govt exempts Gems & Jewellery dealers from PMLA Requirements

G.S.R. 1223(E) (06/10/2017)

The Government has received representations from various Associations in the Gems and Jewellery sector with respect to certain incongruities in Notification No. 4/2017 dated 23rd August, 2017, wherein dealers in precious metals, precious stones and other high value goods were notified as person carrying on designated business and professi...

Read More

PML (Maintenance of Records) Fourth Amendment Rules, 2017

Notification No. 5/2017 (23/08/2017)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Govt notifies dealer in precious metals / stones etc. under PML Act, 2002

Notification No. 4/2017 (23/08/2017)

G.S.R. 1058(E).-In exercise of powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies the dealer in precious metals, precious stones and other high value goods...

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PML (Maintenance of Records) Third Amendment Rules, 2017

Notification No. 3/2017 (21/08/2017)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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A brief study on Money Laundering Operation

In very simple word Money Laundering can be defined as a measure to convert illicit or illegal fund into legitimate source of Income to deflect suspicion when invested or spent....

Read More
Posted Under: Fema / RBI |
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