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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 ...
Read MoreSEBI - 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 MoreSEBI - 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 […]...
Read MoreSEBI - 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 […]...
Read MoreSEBI - 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 […]...
Read MoreSEBI - 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 MoreSEBI - 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 MoreSEBI - 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....
Read MoreSEBI - 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...
Read MoreSEBI - 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...
Read MoreFairdeal 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”...
Read MoreBabulal 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...
Read MoreSai 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...
Read MoreR. 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...
Read MoreOPTO 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...
Read MoreNotification 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 ...
Read MoreNotification 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 MoreS.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...
Read MoreNotification 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...
Read MoreNotification 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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Fairdeal Supplies Limited & Anr.Vs. Union of India & Ors. (Calcutta High Court) -
Notification No. S.O. 1648 (E) - 15/04/2021
Babulal Verma Vs Enforcement Directorate (Bombay High Court) -
Sai Chandrasekhar Vs Directorate of Enforcement (Delhi High Court) -
Notification No. G.S.R.152 (E). - 01/03/2021
S.O. 794(E) - 22/02/2021
R. Viswanathan Vs Assistant Director Directorate of Enforcement (Madras High Court) -
OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court) -
