Corporate Law : Organized crime disrupts fair competition by introducing illegal goods and laundering illicit funds. The analysis highlights its d...
Corporate Law : This examines whether recent rulings have strengthened or softened bail standards under PMLA. The key takeaway is that courts are ...
Fema / RBI : Courts have held that money laundering is a distinct offence from the predicate crime. Parallel prosecutions under PMLA do not vio...
Corporate Law : The High Court will examine whether bail granted under the Section 45 proviso for women can be cancelled absent perversity or misu...
Corporate Law : The case analysis explores whether India’s anti-money laundering framework is effective despite comprehensive legislation. Court...
Finance : The agreements introduce structured protocols for intelligence sharing and monitoring compliance under PMLA. The ruling highlights...
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...
Fema / RBI : The issue was whether properties purchased using company funds could escape benami classification. The Tribunal held that unexplai...
Fema / RBI : The Tribunal ruled that transactions predating the alleged crime cannot be treated as proceeds of crime without a clear link. It s...
Fema / RBI : The issue was whether properties unconnected to crime could be attached under PMLA. The Tribunal held that equivalent value assets...
Fema / RBI : The Tribunal ruled that taxation of income does not negate its use in benami transactions. Even disclosed or assessed income can f...
Fema / RBI : The issue was whether property not directly linked to crime could be attached. The Tribunal held that attachment of equivalent val...
Corporate Law : NRIs and OCIs can now digitally onboard to NPS with relaxed physical presence requirements, while ensuring stringent KYC, anti-fra...
Finance : Ministry of Finance streamlines PMLA KYC rules for SEBI-defined intermediaries, allowing CKYCRR uploads, updates, and retrieval to...
Corporate Law : The Ministry of Finance has appointed 53 Special Public Prosecutors to handle cases on behalf of the Directorate of Enforcement un...
Corporate Law : The Ministry of Finance has designated the Court of Principal District and Sessions Judge, North Goa, to handle PMLA cases across ...
Corporate Law : Jurisdiction for PMLA cases in Chhattisgarh updated to the VI Additional Sessions Court, Raipur, covering the entire state....
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 […]
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 […]
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 offences […]
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 […]
Ritlal Rai Vs. Union of India (Patna High Court) In this case Though the petitioner has already suffered maximum punishment of seven years, so in the present case lodged under the PML Act, he cannot be kept in judicial custody but, because in two cases in which he is still in jail with respect to […]
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 […]
High Court of Orissa held that The offence of Money Laundering is nothing but an act of financial terrorism that poses a serious threat not only to the financial system of the country but also to the integrity and sovereignty of a nation.
Ahilya Devi Wife of Late Birendar Yadav Vs State of Bihar (Patna High Court) It is eminent that clause (ii) of sub-Section (1) of Section 45 of the Act places two conditions for release of a person accused of an offence under the Act, on bail, if a Public Prosecutor opposes the bail application, namely; […]
A person who has purchased the property using proceeds of crime cannot said to have any interest in the property and the protection under Article 300 A cannot be pressed into service by a perpetrator of a crime. Mere order of attachment could not be said to be violative of the constitutional right to property of the Article 300 A of the Constitution of India.
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.
