Category: Prevention of Money Laundering Act 2002

Fugitive Economic Offenders Receipt and Management of Confiscated Properties Rules 2018-Notification

The Government has notified the the Fugitive Economic Offenders (Receipt and Management of Confiscated Properties) Rules, 2018 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 24th April, 2018 G.S.R. 397(E).—In exercise of the powers conferred by clause (g) of sub-section (2) of section 23 of …

Economic Offenders Application for Declaration of Fugitive Economic Offender Rules 2018

Economic Offenders Application for Declaration of Fugitive Economic Offender Rules 2018.  The Government has notified Fugitive Economic Offenders (Application for Declaration of Fugitive Economic Offender) Rules 2018 The Rules provide for the manner of forwarding an application for declaration of Fugitive Economic Offender under the Fugitive Economic Offenders …

PMLA-Property held outside country, amended provisions effective from 19th April, 2018

PMLA-Property held outside country, amended provisions effective from 19th April, 2018 The Finance Act has made an important amendment in the definition of “proceeds of crime” as appearing in Prevention of Money Laundering Act, 2002. Previously, the definition was amended in 2015 to include “property equivalent held within …

Constitutional Validity of second proviso of section 5(1) of PMLA upheld by High Court

Constitutional Validity of second proviso of section 5(1) of PMLA upheld.  Failure to disclose “reasons to believe” would be the entire proceedings illegal-High Court  Prelude: The offence of money-laundering is defined under Section 3 PMLA. The punishment is prescribed under Section 4 PMLA. The expression “proceeds of crime” …