Mondaq India: Government, Public Sector > Money Laundering
Vaish Associates Advocates
Recently by Finance Act, 2019, which received the assent of the President of India and became an Act, certain amendments have been made in the provisions of the Prevention of Money Laundering Act, 2002.
Vaish Associates Advocates
The scope of S. 2(1)(u) of PMLA was further expanded by the Finance Act, 2018.
Vaish Associates Advocates
The offence of cross-border implications has been defined u/s 2(1)(ra) of The Prevention of Money Laundering Act, 2002 (hereinafter, PMLA).
Vaish Associates Advocates
The offence of Money Laundering has been defined u/s 3 of the Prevention of Money Laundering Act, 2002 (hereinafter, PMLA) as an act where:
Vaish Associates Advocates
The Authorities cannot bypass the legislative intent using the tool of arbitrary discretion and need to abide by the legislative wisdom behind a particular provision.
Vaish Associates Advocates
Further in this particular case the Delhi High court dealt with two important questions as well.
Vaish Associates Advocates
That the Hon'ble Supreme Court in the case of Nikesh Tarachand Shah vs. Union of India & Anr., Writ Petition (Criminal) No. 67 OF 2017, had struck down Section 45(1) of the Prevention of Money Laundering Act, 2002 ...
Vaish Associates Advocates
Under Section 19 of the Prevention of Money Laundering Act, 2002 (hereinafter also referred as "PMLA"), the Director, Deputy Director...
Vaish Associates Advocates
Following are the pre-requisites for a valid provisional attachment order under PMLA:-
Vaish Associates Advocates
The provisional attachment under the directions of enforcement authorities is subject to confirmation by the adjudicating authority.
Vaish Associates Advocates
In the case before the High Court of Delhi, titled Himachal Emta Power Limited Vs. Union of India and Ors., the primary issue before the court was "What is Proceeds of Crime?".
Vaish Associates Advocates
Directorate of Enforcement is a multi-disciplinary organization mandated with the task of enforcing the provisions of two special fiscal laws – Foreign Exchange Management Act, 1999 and Prevention of Money Laundering Act, 2002.
AMLEGALS
"No attachment can be ordered under the Prevention of Money Laundering Act, 2002 with respect to the assets of the Coprorate Debtor undergoing insolvency process."
Khurana and Khurana
The Central Government has been vested power under Section 12 (9) and Section 469 (1 and 2) to make rules for carrying out in the provisions by a notification for any matter whatsoever under the Companies Act 2013.
Vaish Associates Advocates
Secured creditors are innocent parties and Rights of the secured creditors have been hampered by the attachment of properties.
Vaish Associates Advocates
The Prevention of Money Laundering Act, 2002 (PMLA) was enacted to prevent the menace of money laundering and to provide for confiscation of property derived from, or involved in, money laundering.
Tuli & Co
The Aadhaar and Other Laws (Amendment) Bill 2018 (Aadhaar Bill) was recently passed in the Lok Sabha.
Vaish Associates Advocates
Under PMLA, a person is required to give truthful statement if such person is summoned by the Director.
Vaish Associates Advocates
In the case of Mohtesham Mohd. Ismail vs. Spl.Director, Enforcement Directorate ((220) E.L.T.3 (S.C.) ; MANU/SC/4019/2007) the Hon'ble Supreme Court, in the light of the case Francis Stanly @ Stalin v. Intelligence Officer, Narcotic Control Bureau, ...
SKP Business Consulting LLP
The new framework is instrument neutral and would further strengthen the AML/CFT framework.
Most Popular Recent Articles
Vaish Associates Advocates
Directorate of Enforcement is a multi-disciplinary organization mandated with the task of enforcing the provisions of two special fiscal laws – Foreign Exchange Management Act, 1999 and Prevention of Money Laundering Act, 2002.
Vaish Associates Advocates
The offence of Money Laundering has been defined u/s 3 of the Prevention of Money Laundering Act, 2002 (hereinafter, PMLA) as an act where:
Vaish Associates Advocates
Recently by Finance Act, 2019, which received the assent of the President of India and became an Act, certain amendments have been made in the provisions of the Prevention of Money Laundering Act, 2002.
Vaish Associates Advocates
The Prevention of Money Laundering Act, 2002 (PMLA) was enacted to prevent the menace of money laundering and to provide for confiscation of property derived from, or involved in, money laundering.
AMLEGALS
"No attachment can be ordered under the Prevention of Money Laundering Act, 2002 with respect to the assets of the Coprorate Debtor undergoing insolvency process."
Singh & Associates
In recent times India has witnessed a number of scams and economic offences which have left an adverse impact on the Indian economy and also the banking industry.
Vaish Associates Advocates
That the Hon'ble Supreme Court in the case of Nikesh Tarachand Shah vs. Union of India & Anr., Writ Petition (Criminal) No. 67 OF 2017, had struck down Section 45(1) of the Prevention of Money Laundering Act, 2002 ...
Vaish Associates Advocates
Under PMLA, a person is required to give truthful statement if such person is summoned by the Director.
Dhaval Vussonji & Associates
This leads to an analysis as to why was there the need to enact the said Act.
Vaish Associates Advocates
In the case before the High Court of Delhi, titled Himachal Emta Power Limited Vs. Union of India and Ors., the primary issue before the court was "What is Proceeds of Crime?".
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