Prevention of money laundering act 2002 pdf file

Aug 21, 2019 in the finance act, 2019, which recently received the assent of president of india and became an act with effect from august 1, some important amendments under the prevention of money laundering act, 2002 pmla were brought in. Purpose banks and financial institutions fis have been advised to follow certain customer identification. The asian development bank and the organisation for economic cooperation and development do not guarantee the accuracy of this document and accept no. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and for matters connected therewith or incidental thereto. Provided that where the proceeds of crime involved in moneylaundering relates to any offence specified. Prevention of moneylaundering amendment act, 2009, w. Prevention of moneylaundering act, 2002 bare acts law library. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003.

Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent moneylaundering and to provide for. Prevention of money laundering act, 2002 came into force with effect from 01st july, 2005. Moneylaundering maintenance of records rules, 2005. Designated director as per the requirement of prevention of money laundering act, 2002, a designated director will be appointed and informed to fiu. Activity can be attached under prevention of money laundering act, 2002. An act lo prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto.

Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. Whereas the political declaration and global programme of action, annexed to the resolution s172 was adopted by the general assembly of the united nations at. Section 8 in the prevention of moneylaundering act, 2002. Prevention of money laundering act 2002 is available for download at the excellent download file is in the format of pdf. On receipt of a complaint under subsection 5 of section 5, or applications made under subsection 4 of section 17 or under subsection 10 of section 18, if the adjudicating authority has reason to believe that any person has committed an offence under section 3 or is in possession of proceeds of crime, he may serve a notice of not less than thirty days on such person calling upon. An act to prevent moneylaundering and to provide for confiscation of. Amendments to pmla by finance act 2019 widening the scope. The prevention of moneylaundering act, 2002 15 of 2003.

The prevention of moneylaundering act, 2002 15 of 2003 the prevention of moneylaundering act, 2002. By finance act, 2015 and 2016 proposed by finance bill, 2018. Jan 06, 2018 prevention of money laundering act, 2002. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. The short title of this act is the prevention of moneyshort title. The prevention of moneylaundering act, 2002legislative. Prevention of money laundering act, 2002 complete details. May 20, 2012 the prevention of money laundering act, 2002 has come into force with effect from 1 july, 2005. In order to fulfill these requirements, there is also a need for registered intermediaries to have a system in place for identifying, monitoring and reporting suspected money laundering or terrorist financing transactions to the law enforcement authorities. Apr 27, 2016 prevention of money laundering act, 2002 pmla and significance of reasons to believe for attachment of property vaish associates advocates to view this article you need a pdf viewer such as. Prevention of money laundering act, 2002 2 adboecd anticorruption initiative for asia pacific december 2007. The prevention of money laundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003.

Pdf form based utilities to capture data and print the report as per the specified format. The provisions of the act shall apply in relation to a a person who commits an offence under the provisions of this act whilst being resident in sri lanka. The prevention of moneylaundering act, 2002 1 the prevention. Latest developments visavis prevention of money laundering act. It is defined in section 340 of the it is defined in section 340 of the proceeds of crime act 2002 poca 1 and covers wide ranging circumstances involving. Master circular on know your customer kyc standards. Summary notes for prevention of money laundering act, 2002. The prevention of moneylaundering act, 2002 with amendments of 2008 bill act no. Analysis of prevention of money laundering act, 2002. Prevention of moneylaundering act, 2002 india code. Chapter 373 prevention of money laundering act to make provision for the prevention and prohibition of the laundering of money in malta. Students taking ca final exams or students preparing for corporate and allied laws will find the file very useful. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent money laundering and to provide for confiscation of property derived from money laundering. The act was amended by prevention of money laundering amendment act 2009 w.

Apr 20, 2016 prevention of money laundering act, 2002 came into force with effect from 01st july, 2005. Attachment of property under the prevention of money. Principal officer as per the requirement of prevention of money laundering act, 2002, a principal officer will be appointed and informed to fiu. In the pmla, 2002, the offence of money laundering has been. To prevent money laundering, seize the property with authority, involved in money laundering administration. Download summary notes for prevention of money laundering act, 2002 pmla. To prevent money laundering, seize the property with authority, involved in money laundering. Money launderingis the process of transforming the proceeds of crime and corruption into apparently legitimate assets. The act was further amended by the prevention of moneylaundering amendment act, 2012 w. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Prevention of money laundering act, 2002 pmla is an act of the parliament of india enacted by the indian government to prevent money laundering and to provide for confiscation of property derived from money laundering. It came on the statute book as the prevention of moneylaundering act, 2002 15 of 2003. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows.

Frequently asked questions on the prevention of money. Prevention of money laundering act, 2002 wikipedia. Prevention of money laundering and combating the financing of. Businesses may seek an alternative interpretation of the uk antimoney laundering and terrorist financing aml regime, but they must be able to justify their decision to their antimoney laundering supervisory authority. Whether property with no link to alleged criminal activity. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. Directorate of enforcement of the department of revenue, ministry of finance. The prevention of money laundering act, 2002 came into force with effect from 1st july, 2005. The prevention of money laundering amendment act, 2005. This act may be cited as the prevention of money laundering act, no. Full text containing the act, prevention of moneylaundering act, 2002, with all the.

Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. Home actsofparliamentfromtheyear the prevention of moneylaundering act, 2002. The prevention of moneylaundering amendment act, 2005. In the indian context, prior to prevention of money laundering act, 2002 pmla or act coming into force, the investigating agencies and enforcement agencies had loosely used provisions of the income tax act, 1961, the benami transactions prohibition act, 1988, the foreign exchange management act, 2000 fema, read along. In the present matter the high court of madras held that supplementary complaint can be filed based upon the further investigation, and after obtaining special permission for further investigation as provided for under the code of criminal procedure, 1973, under section 65 of the prevention of money laundering act, 2002 pmla the enforcement. Master circular on know your customer kyc normsanti money laundering aml standardscombating financing of terrorism cftobligation of banks and financial institutions under prevention of money laundering act, pmla, 2002. The prevention of money laundering act, 2002 is an act of parliament to prevent money laundering and to provide for confiscation of property derived from. Pmla and the rules notified there under came into force with effect from july 1, 2005. If you continue browsing the site, you agree to the use of cookies on this website. The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering prevention act, 2012 bangladesh customs. Money laundering can be understood as a process employed by criminals to masquerade the possession and regulation of money derived from wide criminal activities and making the source of income legitimate.