In india, the specific legislation dealing with money laundering is the prevention of money laundering act pmla, 2002. Be it enacted by parliament in the sixtythird year of the republic of india as follows. Vii of 2010 an act to provide for prevention of money laundering whereas it is expedient to provide for prevention of money laundering, combating financing. An act to prevent moneylaundering and to provide for. Mutual legal assistance on criminal matters act, 2012. Part 1 definitions and obliged entities section 1 definitions 1 for the purposes of this act, money laundering is an offence under section 261 of the criminal code strafgesetzbuch. 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. An act to 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. Access the prevention of money laundering amendment act 2012 which includes amendments in the prevention of money laundering act 2002 is provided.
Amendments to the prevention of moneylaundering act vide black money act, 2015. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the. Money laundering and terrorism prevention act part i preliminary short title 1. The prevention of moneylaundering maintenance of records rules, 2005 in exercise of the powers conferred by subsection 1 read with clause h, clause i, clause j and clause k of sub. Be it enacted by parliament in the sixtieth year of the republic of india as follows. The prevention of moneylaundering act, 2002 5 1da authorised person means an authorised person as defined in clause c of section 2 of the foreign exchange management act, 1999 42 of 1999. Master circular on know your customer kyc standards. Whereas it is expedient and necessary to reenact a law regarding the prevention of money laundering and other offences connected therewith including. This act may be cited as the prevention of money laundering act, no. Designated director as per the requirement of prevention of money laundering act, 2002, a designated director will be appointed and informed to fiu.
Changes in the prevention of money laundering act drishti ias. Vii of 2010 an act to provide for prevention of money laundering whereas it is expedient to provide for prevention of money laundering, combating. Whereas the political declaration and global programme of action, annexed. Prevention of money laundering act, 2002 2 adb oecd anticorruption initiative for asia pacific december 2007. The provisions of the act shall apply in relation to. In this guide, you will find a summary of these international initiatives, as well as efforts the government has taken to combat money laundering in the united states. Whereas, it is expedient to provide for legal provisions to prevent. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. In india, the specific legislation dealing with money laundering is the prevention of moneylaundering actpmla, 2002. The prevention of money laundering act, 2002 pmla the prevention of money laundering act, 2002 pmla forms the core of the legal framework put in place by india to combat money laundering. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and for matters connected therewith.
Money laundering prevention act, 2063 2008 date of authentication and publication. Money laundering prevention act,2012 antiterrorism act, 2009. The prevention of moneylaundering maintenance of records rules, 2005 in exercise of the powers conferred by subsection 1 read with clause h, clause i, clause j and clause k of subsection 2 of section 73 of the prevention of moneylaundering act, 2002 15 of 2003 the central government in consultation with the. Master circular on know your customer kyc normsantimoney laundering aml standardscombating financing of terrorism cftobligation of banks and financial institutions. The prevention of moneylaundering act, 2002 with amendments of 2008 bill act no. Prevention of money laundering and combating the financing of. Prevention of moneylaundering act, 2002 bare acts law. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. A set of acts, laws, regulations, and guidelines have been enacted and promulgated time to time since bbs establishment which helped bb to perform its role as a central bank particularly, to control and regulate countrys monetary and financial system. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows.
An act further to amend the prevention of money laundering act, 2002. In this act, unless the c interpretation ontext otherwise requires authorised officer means an officer authorised by the. As ammended upto february 2016 anti money laundering act, 2010 act no. The prevention of moneylaundering act, 2002 15 of 2003 17th january, 2003 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. Purpose banks and financial institutions fis have been advised to follow certain customer identification. Parliament and of the council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing oj no l 309, 25. The applicant was 62 years of age and was an mbbs doctor by profession and was practicing. The case dealt with application for bail under section 451 of prevention of money laundering act, 2002 pmla. Money laundering act organization of american states. The prevention of moneylaundering act 2002 book pdf. Prevention of money laundering directly or indirectly from, or the proceeds of, criminal activity or from an act or acts of participation in criminal activity, for the purpose of or purposes of concealing or disguising the origin of the property or of assisting any person or persons involved or concerned in criminal activity. The prevention of money laundering act, 2002 with amendments of 2008 bill act no.
An act to provide for the prevention of money laundering and for matters connected therewith r incidental thereto. Users can get details on sections and amendments of the act. Poca consolidated, updated and reformed the criminal law relating to money laundering to. It is an act to prevent moneylaundering and to provide. A set of acts, laws, regulations, and guidelines have been enacted and promulgated time to time since bbs establishment which helped bb to perform its role as a central bank particularly, to control and. You will also find ways you can help combat money laundering and make your community and your country a safer place to live and work. An act to provide for the prevention of money laundering and for matters connected therewith or incidental thereto.
The law was enacted to combat money laundering in india and has three main objectives. The prevention of money laundering amendment act, 2005. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in. Attachment of property involved in moneylaundering. Money laundering prevention act revised edition showing the law as at 31 december 20 this is a revised edition of the law, prepared by the law revision commissioner under the authority of the. Pmla defines money laundering offence and provides for the freezing, seizure and confiscation of the proceeds of crime.
Asset money laundering prevention act, 2008 preamble. British virgin islands antimoney laundering regime legislation the proceeds of criminal conduct act, together with the code of practice money laundering regulations passed thereunder comprise the. Prevention of money laundering act, 2002 wikipedia. Prevention of money laundering and funding of terrorism regulations 1st january, 2018 legal notice 372 of 2017,as amended by legal notice 430 of 2018, 77 of 2019 and 26 of 2020. 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.
This act may be cited as the money laundering prevention. The prevention of money laundering act, 2002 15 of 2003 17th january, 2003 an act to 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. An act further to amend the prevention of moneylaundering act, 2002. This act may be cited as the money laundering and terrorism prevention act. Prevention of money laundering and combating the financing. The asian development bank and the organisation for economic cooperation and development do not guarantee the accuracy of this document and accept no responsibility whatsoever for any.
An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and for matters. Pmla prevention of money laundering act 2002 and amendment. Rules regulations notifications orders circulars statutory ordinance statutes. The prevention of moneylaundering act, 2002 1 the prevention.
Information about the act, its objectives, short title and commencement is given. Sanctions and anti money laundering act 2018 legislation. Pmla and the rules notified there under came into force with effect from july 1, 2005. The prevention of moneylaundering act, 2002 15 of 2003 17th january, 2003 an act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in. 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. An act promulgated for the prevention of asset laundering. Download the book the prevention of moneylaundering act 2002 pdf book in legislative department websites and in other web portals. British virgin islands antimoney laundering regime legislation the proceeds of criminal conduct act, together with the code of practice money laundering regulations passed thereunder comprise the bvis latest and, in the commercial environment of this jurisdiction, most significant step in the area of antimoney laundering legislation. The legal framework in india to deal with money laundering.
In this article we have provided all the reference books, authors and topics and contents about the book the prevention of moneylaundering act 2002. Jul 03, 2019 the prevention of moneylaundering act 2002 book pdf is free and available for everyone to download as a pdf. Reporting persons to establish and maintain internal reporting procedures. Money laundering prevention act, 2012 bangladesh customs. Whereas, it is expedient to provide for legal provisions to prevent laundering of criminally earned money assets, the legislatureparliament has enacted this act. An act to make better provisions for prevention and prohibition of money laundering, to provide for the disclosure of information on money laundering, to. Prevention of moneylaundering act, 2002 india code. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. 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 confiscation of property derived from moneylaundering. 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 confiscation of property derived from. As ammended upto february 2016 antimoney laundering act. Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. Parliament and of the council on the prevention of the use of the financial system for.
Amendments to the prevention of money laundering act vide black money act, 2015. Whereas it is expedient to provide for the prevention of laundering of criminal proceeds, the legislatureparliament has enacted this act. Procedure for processing of applications under section 11a of the prevention of moneylaundering act, 2002 for use of aadhaar authentication services by entities other than banking companies. 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. Acts and rules department of revenue ministry of finance.
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