Corporate Law : Explore the Enforcement Directorate's role under PMLA, 2002, its procedural aspects, and major Supreme Court rulings. Understand i...
Corporate Law : Delhi HC asserts that Section 45 PMLA twin test for bail shouldn't cause indefinite detention, prioritizing liberty when trial del...
Corporate Law : J&K&L High Court quashes money laundering case against Farooq Abdullah, citing absence of a scheduled offence under the Prevention...
Finance : Explore how cryptocurrencies are used for money laundering, the challenges faced by law enforcement, and the global regulatory res...
Corporate Law : Jharkhand High Court has recently granted bail to Hemant Soren, the former Chief Minister of Jharkhand, in connection with a high-...
Corporate Law : FIU-IND imposed a ₹9.27 crore penalty on Bybit for violating PMLA compliance. The platform operated without registration, leadin...
Corporate Law : Bombay High Court directs Enforcement Directorate to regulate statement recording hours under PMLA, emphasizing same-day examinati...
Corporate Law : Read about the Directorate of Enforcement's (ED) search operations under PMLA at 14 locations in Haryana and Punjab, uncovering ca...
Finance : Discover India exceptional performance in the FATF Mutual Evaluation 2023-24, placing it in the 'regular follow-up' category and b...
CA, CS, CMA : Learn about ICSI's registration requirements on the PMLA Portal for Anti-Money Laundering (AML) and Combating the Financing of Ter...
Corporate Law : Supreme Court clarified procedures for summons, warrants, and bail under the Prevention of Money Laundering Act (PMLA), emphasizin...
Corporate Law : Patna HC rules that ED cannot arrest under PMLA after Special Court takes cognizance unless permitted. Arrest powers cease post-in...
Corporate Law : Supreme Court granted bail to women who is accused in complaint filed u/s. 44 of the Prevention of Money Laundering Act, 2002 sinc...
Corporate Law : Uttarakhand High Court held that bail of accused involved in drug trafficking and money laundering matter deserved to be rejected ...
Corporate Law : Madras High Court held that request for simultaneous trial both in PMLA and in predicate offence registered under IPC not accepted...
Income Tax : Notification designates special courts in Tamil Nadu under the Income Tax Act, 1961, and Black Money Act, 2015, for specific distr...
Finance : Aditya Birla Sun Life Mutual Fund granted Aadhaar authentication permission under the Prevention of Money-laundering Act, 2022....
Corporate Law : The Ministry of Finance permits INDmoney Pvt. Ltd. to use Aadhaar authentication for compliance with privacy and security standard...
Corporate Law : Ministry of Finance amends PMLA court notification, adding 1st Additional District and Sessions Judge, Dehradun, under Section 43 ...
Corporate Law : The Ministry of Finance designates new special courts in Kerala for PMLA cases, updating jurisdiction for various districts in the...
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 to an issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities market and registered under section 12 of the Securities and Exchange Board of India Act, 1992) shall have to maintain a record of all the transactions; the nature and value of which has been prescribed in the Rules notified under the PMLA. As per Rule 3 of Prevention of Money Laundering Rules, 2005 such transactions include:
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 between the client and the bank.
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 effect from 1st July 2005. Necessary […]
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.
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, there is no clear allegation so far about its laundering in the sense mentioned above, but there is an allegation of its investment in property, shares etc. not only in India but also abroad.
The Enforcement Directorate will soon file a case of money laundering in connection with the Rs 400 crore fraud allegedly perpetrated by a Citibank employee. Official sources said the Directorate, which has studied the details of the police FIR in
So far there are no reliable estimates of black money both inside and outside the country. The interim recommendations of BJP Task Force 2009 have estimated the amount of black money to be between USD 500 billion to USD 1,400 billion. A current study
The Minister of Corporate Affairs has informed the Lok Sabha that during the period from 01/04/2007 to 31/7/2010, investigations into the affairs of 44 companies have been referred by the Ministry to Serious Fraud Investigation Office. Giving this information in written reply to a question Shri Salman Khurshid, Minister of Corporate Affairs,
At a time when it is accused of doing little to unearth lakhs of crores of rupees stashed abroad illegally, the Centre on Wednesday invoked secrecy provisions of double taxation avoidance agreement (DTAA) to block all information about its efforts to retrieve them.
All financial intermediaries, including banks and stocks brokers, will have to maintain specific information about their clients’ political links, if any. This is due to the amendment to the Prevention of Money Laundering Act (PMLA) 2002, notified by the Reserve Bank of India (RBI) on June 9 and the Securities and Exchange Board of India (Sebi) on June 14.
