Master circular on know your customer kyc standards. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. 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.
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. 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. As ammended upto february 2016 anti money laundering act, 2010 act no. In this act, unless the c interpretation ontext otherwise requires authorised officer means an officer authorised by the. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and for matters. 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. In india, the specific legislation dealing with money laundering is the prevention of moneylaundering actpmla, 2002. 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. This act may be cited as the money laundering prevention. Amendments to the prevention of money laundering act vide black money act, 2015.
An act to prevent moneylaundering and to provide for. This act may be cited as the money laundering and terrorism prevention act. 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. Users can get details on sections and amendments of the act. Information about the act, its objectives, short title and commencement is given. The prevention of moneylaundering act 2002 book pdf. 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. 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. Asset money laundering prevention act, 2008 preamble. Prevention of money laundering and combating the financing. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. Master circular on know your customer kyc normsantimoney laundering aml standardscombating financing of terrorism cftobligation of banks and financial institutions.
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 prevention of moneylaundering act, 2002 1 the prevention. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in. The prevention of money laundering amendment act, 2005. An act to provide for the prevention of money laundering and for matters connected therewith r incidental thereto. Prevention of money laundering act, 2002 wikipedia. 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. 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. 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 2 adb oecd anticorruption initiative for asia pacific december 2007. 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 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. 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. An act further to amend the prevention of money laundering act, 2002. An act further to amend the prevention of moneylaundering act, 2002. Money laundering act organization of american states. 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. Parliament and of the council on the prevention of the use of the financial system for. 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. Whereas it is expedient and necessary to reenact a law regarding the prevention of money laundering and other offences connected therewith including. Prevention of moneylaundering act, 2002 bare acts law. Pmla prevention of money laundering act 2002 and amendment. The law was enacted to combat money laundering in india and has three main objectives.
Whereas, it is expedient to provide for legal provisions to prevent. Acts and rules department of revenue ministry of finance. Poca consolidated, updated and reformed the criminal law relating to money laundering to. Money laundering prevention act,2012 antiterrorism act, 2009.
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. 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. Mutual legal assistance on criminal matters act, 2012. Prevention of moneylaundering act, 2002 india code. In this article we have provided all the reference books, authors and topics and contents about the book the prevention of moneylaundering act 2002. Money laundering and terrorism prevention act part i preliminary short title 1. This act may be cited as the prevention of money laundering act, no. 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. Changes in the prevention of money laundering act drishti ias. 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.
Attachment of property involved in moneylaundering. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. Whereas the political declaration and global programme of action, annexed. Sanctions and anti money laundering act 2018 legislation. Money laundering prevention act, 2012 bangladesh customs. As ammended upto february 2016 antimoney laundering act. An act promulgated for the prevention of asset laundering. 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. In india, the specific legislation dealing with money laundering is the prevention of money laundering act pmla, 2002.
The applicant was 62 years of age and was an mbbs doctor by profession and was practicing. 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. Be it enacted by parliament in the sixtieth year of the republic of india as follows. Reporting persons to establish and maintain internal reporting procedures. 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. Rules regulations notifications orders circulars statutory ordinance statutes. Be it enacted by parliament in the sixtythird year of the republic of india as follows.
An act to provide for the prevention of money laundering and for matters connected therewith or incidental thereto. The case dealt with application for bail under section 451 of prevention of money laundering act, 2002 pmla. Pmla and the rules notified there under came into force with effect from july 1, 2005. Vii of 2010 an act to provide for prevention of money laundering whereas it is expedient to provide for prevention of money laundering, combating. Amendments to the prevention of moneylaundering act vide black money act, 2015. Jul 03, 2019 the prevention of moneylaundering act 2002 book pdf is free and available for everyone to download as a pdf. Access the prevention of money laundering amendment act 2012 which includes amendments in the prevention of money laundering act 2002 is provided. Prevention of money laundering and combating the financing of. Purpose banks and financial institutions fis have been advised to follow certain customer identification. 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 money laundering act, 2002 with amendments of 2008 bill act no. It is an act to prevent moneylaundering and to provide.
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. An act to make better provisions for prevention and prohibition of money laundering, to provide for the disclosure of information on money laundering, to. The provisions of the act shall apply in relation to. Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. Money laundering prevention act, 2063 2008 date of authentication and publication. Whereas, it is expedient to provide for legal provisions to prevent laundering of criminally earned money assets, the legislatureparliament has enacted this act. The legal framework in india to deal with money laundering. 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. 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. Whereas it is expedient to provide for the prevention of laundering of criminal proceeds, the legislatureparliament has enacted this act. Pmla defines money laundering offence and provides for the freezing, seizure and confiscation of the proceeds of crime. Download the book the prevention of moneylaundering act 2002 pdf book in legislative department websites and in other web portals. 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. The prevention of moneylaundering act, 2002 with amendments of 2008 bill act no.
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