Prevention of Money Laundering Act

AML and KYC compliance for SEBI registered AIF

SEBI - PMLA and KYC compliance for an AIF (Alternative Investment Fund) INTRODUCTION KYC as a part of PMLA compliance is a mandatory compliance procedure that regulators in India have specified for Banks and financial intermediaries registered with these regulators. The KYC is one of the most vital compliance process for any institution dealing ...

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Combating money laundering & other terror financing: Financial Action Task Force

SEBI - Reserve Bank of India in its press release in various newspapers and in its website has informed us that the Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 25, 2021, has called on its members and other jurisdictions to refer to the statement on these [&hel...

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Prevention of Money Laundering Act, 2002

SEBI - In the past when you had to open a Simple Bank account in any branch of PSU / Private Sector Bank in India, apart from filling all the particulars in the Account opening form, you had to fill a space wherein somebody known to you personally had to introduce you to bank and to sign […]...

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Conflict between IBC and PMLA

SEBI - Before discussing the above subject matter, let us first understand what PMLA is and what is IBC As per Insolvency and Bankruptcy code 2016, if any person who has taken any loan and committed default, then the application can be filed in front of the Hon!ble National Company Law Tribunal As per section 3(23) the […]...

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PMLA, 2002: Courts on curbing Financial Terrorism

SEBI - Prevention of Money Laundering Act, 2002 (PMLA 2002): Courts on curbing Financial Terrorism Money Laundering, most commonly understood to as the conversion of black money into white money, has time and again been held to be one of the most serious offences by the Courts in India. The Prevention of Money Laundering Act, 2002 was […]...

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Recent Steps taken by SEBI to keep check on money laundering

SEBI - Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreement...

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

SEBI - 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

SEBI - 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

SEBI - 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

SEBI - 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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Offence under PMLA includes ‘Scheduled Offence’ & ‘Offence of money-laundering’

Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court) - Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court) (i) On a plain reading of Section 2(1)(y) and Section 3 of the PMLA , it appears to me that the legislature has bifurcated the offence under PMLA into “Scheduled Offence” and “Offence of money-laundering”...

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PMLA cases are totally independent of base offences: HC

Babulal Verma Vs Enforcement Directorate (Bombay High Court) - Babulal Verma Vs Enforcement Directorate (Bombay High Court) For initiation/registration of a crime under the PMLA, the only necessity is registration of a Predicate/Scheduled Offence as prescribed in various Paragraphs of the Schedule appended to the Act and nothing more than it. In other words, fo...

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HC grants bail to accused arrested by ED under PMLA

Sai Chandrasekhar Vs Directorate of Enforcement (Delhi High Court) - Assesssee was admitted to bail linked to bank loan fraud arrested by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002 (PMLA) on his furnishing personal bond in the sum of Rs. 1,00,000/- with one surety of the like amount to the satisfaction of Trial Court as  it was no...

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In absence of nexus between Criminal Activity & Property acquired PMLA provisions cannot be invoked

R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) - R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) From a reading of Section 2(u) of the PML Act which defines the expression “proceeds of crime”, it is limpid that the profit derived or obtained must be a result of a criminal activity which relates to a schedule...

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Freezing of bank accounts under PMLA without compliance of law was not valid

OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court) - Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Profe...

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Govt amends Courts for trial of cases under PMLA in Kerala

Notification No. S.O. 1648 (E) - (15/04/2021) - Govt amends Courts for trial of cases under Prevention of Money Laundering Act, 2002 (PMLA 2002) in Kerala in consultation with the Chief Justice of the concerned High Court. MINISTRY OF FINANCE (Department of Revenue) Notification New Delhi, the 15th April, 2021 S.O. 1648 (E).—In exercise of the ...

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Wildlife Crime Control Bureau notified under PML Act, 2002

Notification No. G.S.R.152 (E). - (01/03/2021) - Central Government notifies Wildlife Crime Control Bureau In exercise of the powers conferred by clause (ii) of sub-section (1) of section 66 of the Prevention of Money-laundering Act, 2002....

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Court of Session designated as Special Court under PML Act, 2002

S.O. 794(E) - (22/02/2021) - State or Union territory wise Court of Session designated as Special Court under the Prevention of Money-laundering Act, 2002 for Area specified for trial of offence punishable under section 4 of the Prevention of Money-laundering Act, 2002 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION Ne...

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Govt notifies NPCI to undertake Aadhaar authentication

Notification No. G.S.R. 59(E) - (28/01/2021) - Govt notifies National Payments Corporation of India (NPCI) to undertake Aadhaar authentication Service of the Unique Identification Authority of India under section 11A of the Prevention of Money-laundering Act, 2002. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 28th Janu...

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Govt notifies Courts for trial of cases under PMLA in Haryana, Punjab & UT of Chandigarh

Notification No. S.O. 473(E). - (19/01/2021) - Govt notifies Court of Session designated as Special Court under the Prevention of Money-Laundering Act, 2002 for trial of cases under PMLA in Haryana, Punjab & UT of Chandigarh. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 19th January, 2021 S.O. 473(E).—In exercise...

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Prevention of Money Laundering Act’s Popular Posts

Recent Posts in "Prevention of Money Laundering Act"

AML and KYC compliance for SEBI registered AIF

PMLA and KYC compliance for an AIF (Alternative Investment Fund) INTRODUCTION KYC as a part of PMLA compliance is a mandatory compliance procedure that regulators in India have specified for Banks and financial intermediaries registered with these regulators. The KYC is one of the most vital compliance process for any institution dealing ...

Read More
Posted Under: Finance |

Offence under PMLA includes ‘Scheduled Offence’ & ‘Offence of money-laundering’

Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court)

Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court) (i) On a plain reading of Section 2(1)(y) and Section 3 of the PMLA , it appears to me that the legislature has bifurcated the offence under PMLA into “Scheduled Offence” and “Offence of money-laundering”. “Scheduled Offence” are provided i...

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Govt amends Courts for trial of cases under PMLA in Kerala

Notification No. S.O. 1648 (E) 15/04/2021

Govt amends Courts for trial of cases under Prevention of Money Laundering Act, 2002 (PMLA 2002) in Kerala in consultation with the Chief Justice of the concerned High Court. MINISTRY OF FINANCE (Department of Revenue) Notification New Delhi, the 15th April, 2021 S.O. 1648 (E).—In exercise of the powers conferred by sub-section (1) of s...

Read More

PMLA cases are totally independent of base offences: HC

Babulal Verma Vs Enforcement Directorate (Bombay High Court)

Babulal Verma Vs Enforcement Directorate (Bombay High Court) For initiation/registration of a crime under the PMLA, the only necessity is registration of a Predicate/Scheduled Offence as prescribed in various Paragraphs of the Schedule appended to the Act and nothing more than it. In other words, for initiating or setting the criminal law...

Read More

HC grants bail to accused arrested by ED under PMLA

Sai Chandrasekhar Vs Directorate of Enforcement (Delhi High Court)

Assesssee was admitted to bail linked to bank loan fraud arrested by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002 (PMLA) on his furnishing personal bond in the sum of Rs. 1,00,000/- with one surety of the like amount to the satisfaction of Trial Court as  it was not the case of the prosecution that the a...

Read More

Combating money laundering & other terror financing: Financial Action Task Force

Reserve Bank of India in its press release in various newspapers and in its website has informed us that the Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated February 25, 2021, has called on its members and other jurisdictions to refer to the statement on these [&hel...

Read More
Posted Under: Finance |

Wildlife Crime Control Bureau notified under PML Act, 2002

Notification No. G.S.R.152 (E). 01/03/2021

Central Government notifies Wildlife Crime Control Bureau In exercise of the powers conferred by clause (ii) of sub-section (1) of section 66 of the Prevention of Money-laundering Act, 2002....

Read More

Court of Session designated as Special Court under PML Act, 2002

S.O. 794(E) 22/02/2021

State or Union territory wise Court of Session designated as Special Court under the Prevention of Money-laundering Act, 2002 for Area specified for trial of offence punishable under section 4 of the Prevention of Money-laundering Act, 2002 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 22nd February, 2021 S.O. 79...

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In absence of nexus between Criminal Activity & Property acquired PMLA provisions cannot be invoked

R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court)

R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) From a reading of Section 2(u) of the PML Act which defines the expression “proceeds of crime”, it is limpid that the profit derived or obtained must be a result of a criminal activity which relates to a schedule offence. Even if we take […]...

Read More

Freezing of bank accounts under PMLA without compliance of law was not valid

OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court)

Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Professional Tax, Gratuity and LIC employees...

Read More

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