Prevention of Money Laundering Act

Money Laundering; The Many Colours of Money

Custom Duty - The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...

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Analysis of Prevention Of Money Laundering Act, 2002

Custom Duty - 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

Custom Duty - 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

Custom Duty - 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

Custom Duty - 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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Recent Steps taken by SEBI to keep check on money laundering

Custom Duty - 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

Custom Duty - 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

Custom Duty - 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

Custom Duty - 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

Custom Duty - 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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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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Deputation of Indian Experts to Maldives in areas of financial crime, fraud investigation and money laundering -reg

Notification No. 15011/06/2019-IC (ICD) - (18/03/2019) - Central Board of Indirect Tax and Customs is in the process of drawing a penal of Experts in the area of Financial Crime and Fraud Investigation, Money Laundering and Preventing Corruption for posting in the Maldives. The tenure of deputation is for one year....

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During PMLA investigation property can be attached upto 365 days from 20.03.2019

Notification No. 1/2019 - (19/03/2019) - Government notifies that During PMLA investigation property can be attached upto 365 days from 20.03.2019 from the earlier period of 90 days as provided in Finance Act, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2019 New Delhi, the 19th March, 2019 G.S.R. 225(E).—In exerc...

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Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019

Notification No. G.S.R. 108(E) - (13/02/2019) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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PML (Maintenance of Records) Second Amendment Rules, 2018.

Notification No. G.S.R. 1078(E) - (31/10/2018) - Ministry of finance notified Prevention of Money-laundering  (Maintenance of Records) Second Amendment Rules, 2018 with effect from 31st October, 2018. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9, in sub-rule (1A), for the words “three days”, the words ...

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PML (Maintenance of Records) Amendment Rules, 2018

Notification No. G.S.R. 456(E) - (16/05/2018) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette....

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Recent Posts in "Prevention of Money Laundering Act"

Deputation of Indian Experts to Maldives in areas of financial crime, fraud investigation and money laundering -reg

Notification No. 15011/06/2019-IC (ICD) (18/03/2019)

Central Board of Indirect Tax and Customs is in the process of drawing a penal of Experts in the area of Financial Crime and Fraud Investigation, Money Laundering and Preventing Corruption for posting in the Maldives. The tenure of deputation is for one year....

Read More

During PMLA investigation property can be attached upto 365 days from 20.03.2019

Notification No. 1/2019 (19/03/2019)

Government notifies that During PMLA investigation property can be attached upto 365 days from 20.03.2019 from the earlier period of 90 days as provided in Finance Act, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2019 New Delhi, the 19th March, 2019 G.S.R. 225(E).—In exercise of the powers conferred by section 2...

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Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019

Notification No. G.S.R. 108(E) (13/02/2019)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

PML (Maintenance of Records) Second Amendment Rules, 2018.

Notification No. G.S.R. 1078(E) (31/10/2018)

Ministry of finance notified Prevention of Money-laundering  (Maintenance of Records) Second Amendment Rules, 2018 with effect from 31st October, 2018. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9, in sub-rule (1A), for the words “three days”, the words “ten days”, shall be substituted. Un...

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PML (Maintenance of Records) Amendment Rules, 2018

Notification No. G.S.R. 456(E) (16/05/2018)

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette....

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Amendments to PMLA, 2002 vide budget 2018 applicable from 19.04.2018

G.S.R. 383(E) (19/04/2018)

Central Government hereby appoints the date of publication of this notification in the Gazette of India, as the date on which the provisions of section 208 of Part XIV of the said Act shall come into force....

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Money Laundering; The Many Colours of Money

The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...

Read More
Posted Under: Custom Duty |

Recent Steps taken by SEBI to keep check on money laundering

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...

Read More
Posted Under: Custom Duty |

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: Custom Duty |

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