The prevention of money laundering (amendment) bill, 2011

Civil law 3917 views 12 replies

The Prevention of Money Laundering (Amendment) Bill, 2011

 

Investigating agencies may soon get more powers to attach and confiscate properties in cases of money laundering. The Prevention of Money Laundering (Amendment) Bill, 2011, is likely to propose sweeping changes in the procedures relating to attachment and confiscation of property. It may also bring in more reporting entities and a new category of offences with cross-border implications. The changes are in line with recommendations of the global Financial Action Task Force (FATF), an inter-governmental policy making body, with a mandate to establish international standards for combating money laundering and terror financing.

 

 

The Bill may provide for reporting obligations on KnowYour-Customer norms for various new entities and sectors such as gems and jewellery, shares, insurance and property. Under the existing Act, it is obligatory for only banking companies, financial institutions and intermediaries of stock markets to verify and maintain the records of all transactions and the identity of clients. Earlier amendments to PMLA had significantly widened the scope of money laundering investigations. The provisions allow for attachment of tainted proceeds located abroad by requesting foreign administrations. The amendments may increase the scope of such powers.India became a member of FATF in June 2010. It gave an action plan in June 2010 and followed with an Action Taken Report in October 2010 and February 2011. 

 

 

During the second meeting of the FATF Plenary in Paris this February,India reiterated its commitments to adopt, enforce and contribute to international best practices in anti-money laundering and counter terrorist financing.

 

Source:  www.business-standard.com

The draft Bill is attached herewith for information and comment. Please find the attachment.

Regards.

Replies (12)

The attachment.

Thanks for the post da...This kind of bill is indeed the need of the hour to prevent money laundering.

It seeks to introduce the concept of a ‘corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.

The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.

Hope it may usefull....

Thank you Sourav da for the important update.....Keep sharing....WISH YOU HAPPY NEW YEAR.

Thanku very much Sir.smile.

realy nice post

Ur indeed an extremely well-informed person Souravda....and i deeply admire this quality of yours..thks for sharing such informative pieces...Wishing u and ur family a prosperous and happy new year......:-)

Originally posted by : Sk. Abdul Aziz

Ur indeed an extremely well-informed person Souravda....and i deeply admire this quality of yours..thks for sharing such informative pieces...Wishing u and ur family a prosperous and happy new year......:-)

 

Fully concur with this  comment .and Thankyou Souravda for the update .

 

thanks for sharing dada , this bill  willnodoubt increase the powers of authorities .

 

Very Informative Post Sourav Da...

Money Laundering is a Hindrance in the Development of a country apart from posing serious threat to the society. Strict measures should be adopted.

 

Download latest important files

Follow the link

 

/forum/latest-files-182630.asp

 

thanks for sharing

but dont think anything has been implemented by now


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register