Prevention of Money Laundering Act

Prevention of Money Laundering Act, 2002

Fema / RBI - 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

Fema / RBI - 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

Fema / RBI - 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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Insight Into Prevention of Money Laundering Act, 2002

Fema / RBI - The term Money Laundering means procedures adopted in legitimizing assets earned which may be not under the four corners of the law. The source of such ill-gotten wealth may be Corruption, Organized Crime, Narcotics Trade, prostitution arms trade etc....

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Prevention of Money Laundering Act (PMLA), 2002- (Part-3)

Fema / RBI - PMLA, 2002 (Part-3) CHAPTER-IV Obligations of Banking Companies, Financial Institutions and Intermediaries Total Section in Chapter- IV – Five Section 12 Reporting entity to maintain records (l) Every reporting entity shall- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b...

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Recent Steps taken by SEBI to keep check on money laundering

Fema / RBI - 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

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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HC denies anticipatory bail in alleged money laundering case

Karunakaran Ramchand Vs Economic Offence Wing (Delhi High Court) - Where assessee was the Managing Director of ITNL when all the 10 alleged bogus contracts were awarded therefore, assessee’s knowledge and involvement in the alleged awarding of contracts could not be ruled out. Indeed, the Investigating Officer had interrogated the assessee twice, however looking ...

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HC grants Anticipatory Bail to Ex Manipur CM In alleged Money Laundering Case

Okram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court) - Okram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court) Petitioner is the Ex-Chief Minister of the State and it is not as if he will run away from the prosecution, if any, initiated against him. The learned counsel for the petitioner, during the course of the arguments, explicitly state...

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HC rejects ex-minister’s plea in money-laundering case against prosecution & Attachment of Property

Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) - Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) In this batch of petitions, petitioners have questioned the correctness and legality of the proceedings initiated against them under sections 3, 4 and 8(5) of the Prevention of Money Laundering Act, 2002 (for short ‘PML Act’). 2. ...

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HC refuses bail to director accused of money laundering

Anil Kumar Sharma Vs Enforcement Directorate, Lucknow Zone (Allahabad High Court) - Money laundering is a serious economic offence and serious threat to the national economy and national interest and, these offences are committed with cool calculation with the motive of personal gain regardless of the consequences on the society....

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Person not charged of a predicate offence also come within the sweep of PML Act

Dyani Antony Paul Vs Union Of India (Karnataka High Court) - Dyani Antony Paul Vs Union Of India (Karnataka High Court) The main object of PML Act is to ascertain the proceeds of crime which involved in money laundering and attachment, confirmation and confiscation of the proceeds of crime in the form of properties and also to punish the offenders of money la...

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Govt notifies Dealers in precious/stones & real estate agents under PMLA Act, 2002

Notification No. G.S.R. 798(E)./ G.S.R. 799(E). - (28/12/2020) - Central Government hereby notifies the dealers in precious metals, precious stones as persons carrying on designated businesses or professions — if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a single operation or in several operations th...

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Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020.

Notification No. G.S.R. 800(E). - (28/12/2020) - These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. (2). They shall come into force on the date of their publication in the Official Gazette....

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PMLA: Small account to remain operational till 30.09.2020

G.S.R. 465(E) - (24/07/2020) - Prevention of Money-laundering (Maintenance of Records) Rules, 2005- Central Government hereby extend the period for which small account shall remain operational till 30th September, 2020....

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PML (Maintenance of Records) Third Amendment Rules, 2020

Notification No. G.S.R. 254(E). - (16/04/2020) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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PML (Maintenance of Records) 2nd Amendment Rules, 2020

G.S.R. 251(E) - (13/04/2020) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) 2nd Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Prevention of Money Laundering Act’s Popular Posts

Recent Posts in "Prevention of Money Laundering Act"

HC denies anticipatory bail in alleged money laundering case

Karunakaran Ramchand Vs Economic Offence Wing (Delhi High Court)

Where assessee was the Managing Director of ITNL when all the 10 alleged bogus contracts were awarded therefore, assessee’s knowledge and involvement in the alleged awarding of contracts could not be ruled out. Indeed, the Investigating Officer had interrogated the assessee twice, however looking at the gravity of the offence and the as...

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Govt notifies Dealers in precious/stones & real estate agents under PMLA Act, 2002

Notification No. G.S.R. 798(E)./ G.S.R. 799(E). (28/12/2020)

Central Government hereby notifies the dealers in precious metals, precious stones as persons carrying on designated businesses or professions — if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a single operation or in several operations that appear to be linked....

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Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020.

Notification No. G.S.R. 800(E). (28/12/2020)

These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. (2). They shall come into force on the date of their publication in the Official Gazette....

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HC grants Anticipatory Bail to Ex Manipur CM In alleged Money Laundering Case

Okram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court)

Okram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court) Petitioner is the Ex-Chief Minister of the State and it is not as if he will run away from the prosecution, if any, initiated against him. The learned counsel for the petitioner, during the course of the arguments, explicitly stated that the petitioner would extend [&hel...

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HC rejects ex-minister’s plea in money-laundering case against prosecution & Attachment of Property

Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court)

Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) In this batch of petitions, petitioners have questioned the correctness and legality of the proceedings initiated against them under sections 3, 4 and 8(5) of the Prevention of Money Laundering Act, 2002 (for short ‘PML Act’). 2. The common grievance of the petitioners ...

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HC refuses bail to director accused of money laundering

Anil Kumar Sharma Vs Enforcement Directorate, Lucknow Zone (Allahabad High Court)

Money laundering is a serious economic offence and serious threat to the national economy and national interest and, these offences are committed with cool calculation with the motive of personal gain regardless of the consequences on the society....

Read More

Person not charged of a predicate offence also come within the sweep of PML Act

Dyani Antony Paul Vs Union Of India (Karnataka High Court)

Dyani Antony Paul Vs Union Of India (Karnataka High Court) The main object of PML Act is to ascertain the proceeds of crime which involved in money laundering and attachment, confirmation and confiscation of the proceeds of crime in the form of properties and also to punish the offenders of money laundering. The date of […]...

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In absence of order by Adjudicating Authority within 180 days, Provisional Attachment Order under PMLA ceases to have effect

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court)

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) Sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002 (ACT) empowers the Director or any other officer not below the rank of the Deputy Director authorized by the Director of Enforcement in this regard, to pass an order […]...

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HC denies Bail to MD of IL&FS Transportation in alleged Money Laundering case

Ramchand Karunakaran. Vs Directorate of Enforcement (Bombay High Court)

Ramchan Krunakaran Vs Directorate of Enforcement (Bombay High Court) In Nikesh Tarachand Shah Vs. Union of India,  2018(11) SCC 1, the Apex Court has reiterated the principle concerning grant of bail being the rule and refusal being exception and while dealing with Section 45 of the PMLA Act which imposes twin stringent condition for off...

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Prevention of Money Laundering Act, 2002

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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