Power regarding summons, production of documents and evidence, etc. Omitted vide prevention of moneylaundering amendment act, 2012, w. Prevention of money laundering act, 2002 came into force with effect from 01st july, 2005. 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. Anti money laundering policy prevention of money laundering. Students taking ca final exams or students preparing for corporate and allied laws will find the file very useful. Mihir mehta has been appointed as the principal officer and these has been informed to fiu. Necessary notifications rules under the said act have been published in the gazette of india on 1st july 2005 by the department of revenue, ministry of finance, government of india. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. Money laundering guidelines 9 september 2002 iv issued by. Prevention of moneylaundering act, 2002 india code.
Feb 21, 2017 analysis of the prevention of money laundering act, 2002 15 of 2003 slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. To prevent money laundering, seize the property with authority, involved in money laundering administration. Apr 20, 2016 prevention of money laundering act, 2002 came into force with effect from 01st july, 2005. Section 5 in the prevention of money laundering act, 2002 5 attachment of property involved in money laundering. Analysis of the prevention of money laundering act, 2002 15 of 2003 slideshare uses cookies to improve functionality and performance, and to provide you with. Principal officer will be responsible for reporting any transactions covered under prevention of money laundering act, 2002. Prevention of money laundering act, 2002 wikipedia.
The prevention of moneylaundering act 2002 book pdf is free and available for everyone to download as a pdf. In the pmla, 2002, the offence of money laundering. In section 2 of the prevention of moneylaundering act, 2002 15 of 2003 hereinafter referred to as the principal act, after clause n, the following clause shall be inserted, namely. 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. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and. An act further to amend the prevention of moneylaundering act, 2002.
Bank secrecy act and related antimoney laundering laws t he u. Conspiracy to commit the offence of money laundering 5. The prevention of money laundering amendment act, 2005. The act was amended by prevention of money laundering amendment act 2009 w. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. As per main object and scheme of the prevention of money laundering act. The excellent download file is in the format of pdf.
Necessary notifications rules under the said act have been published in the gazette of india on 1st july 2005 by the department of revenue, ministry of finance, and. The prevention of moneylaundering act, 2002 long title. May 20, 2012 the prevention of money laundering act, 2002 has come into force with effect from 1 july, 2005. The prevention of money laundering act, 2002 pmla 2002 forms the core of the legal framework put in place by india to combat money laundering.
The following act of parliament received the assent of the president on the. The prevention of money laundering act, 2002 pmla was brought into force with effect from 1st july, 2005. An act to prevent moneylaundering and to provide for confiscation of. Nbfcs were advised to appoint a principal officer and put in place a system of internal reporting of suspicious transactions and cash transactions of rs. Provided that where the proceeds of crime involved in moneylaundering relates to any offence specified. Contravention of section 24a of the arms act, 1959 relating to prohibition as to possession of notified arms in disturbed areas, etc. 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. In compliance with the financial intelligence and anti money laundering act 2002 fiamla 2002, the prevention of corruption act 2002 poca 2002 and the prevention of terrorism act 2002 pota 2002 ifx brokers have adopted an anti money laundering aml compliance policy. The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. The supervisory authority section 10, money laundering prevention act 1996 office of national drug and money laundering.
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. 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. 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. The prevention of moneylaundering act, 2002 1 the prevention. Prevention of moneylaundering amendment act, 2009, w. Prevention of money laundering act, 2002 15 of 2003, the central government hereby establishes an appellate tribunal at new delhi to hear appeals against the orders of the adjudicat ing authority and the authorities under the said act. As per pmla, every banking company, financial institution which includes chit fund company, a cooperative bank, a housing finance institution and a non. Ppt prevention of money laundering act, 2002 powerpoint. Short title, extent and commencement 1 this act may be called the prevention of money laundering act, 2002. The relevant notifications rules under the said act. Prevention of money laundering act 2002 is available for download at the excellent download file is in the format of pdf. Prevention of money laundering act, 2002 is the property of its rightful owner. If so, share your ppt presentation slides online with.
Summary notes for prevention of money laundering act, 2002. Jan 06, 2018 prevention of money laundering act, 2002. Pmla and the rules notified there under came into force with effect from july 1, 2005. Part interpretation ii money laundering offences 3. Pmla 2002 and the rules notified thereunder came into force with effect from july 1, 2005. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. 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. Download summary notes for prevention of money laundering act, 2002 pmla. Prevention of money laundering act, 2002 complete details. Laundering act, pmla, 2002 as amended by prevention of money laundering amendment act, 2009 for international money transfer servicesinward under the money transfer service scheme mtss and money changing services in india post 1. Moneylaundering maintenance of records rules, 2005. Prevention of money laundering act, 2002 2 adb oecd anticorruption initiative for asia pacific december 2007. 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. In compliance with the financial intelligence and anti money laundering act 2002 fiamla 2002, the prevention of corruption act 2002 poca 2002 and the prevention of terrorism act 2002 pota 2002 ifx brokers have adopted an anti money laundering.
It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. You will also find ways you can help combat money laundering. 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. 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. Whoever commits the offence of moneylaundering shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to seven years and shall also be liable to fine which may extend to five lakh rupees. Anti money laundering policy prevention of money laundering act, 2002 the prevention of money laundering act, 2002 has come into effect from 1 july 2005. To prevent money laundering, seize the property with authority, involved in money laundering. Necessary notifications rules under the said act have been published in the gazette of india. Conspiracy to commit the offence of money laundering. 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. Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. If you continue browsing the site, you agree to the use of cookies on this website. The following act of parliament received the assent of the. By finance act, 2015 and 2016 proposed by finance bill, 2018.
Prevention of money laundering act, 2002, indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india. Prevention of money laundering act, 2002 obligations of nbfcs in terms of rules notified thereunder 1. The prevention of money laundering act, 2002 has come into effect from 1st july 2005. Pdf form based utilities to capture data and print the report as per the specified format. The financial intelligence and anti money laundering act 2002 act 6 2002 proclaimed by proclamation no. 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. In this article we have provided all the reference books, authors and topics and contents about the book the prevention of moneylaundering act 2002. The relevant notifications rules under the said act have been published in the gazette of india on july 1, 2005. The prevention of moneylaundering act, 2002 55 to acquire, have in possession or carry any prohibited arms or prohibited ammunition in contravention of section 7 of the arms act, 1959. The prevention of money laundering act, 2002 has come into effect from 1 st july 2005.
Prevention of money laundering act, 2002 was enacted to fight against the criminal offence of legalizing the incomeprofits from an illegal source. 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. Money launderingis the process of transforming the proceeds of crime and corruption into apparently legitimate assets. The prevention of moneylaundering act 2002 book pdf. 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. This act may be cited as the prevention of money laundering act, no. The prevention of moneylaundering act, 2002 with amendments of 2008 bill act no. As per the requirement of prevention of money laundering act, 2002, mr.
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