Quick Summary
The government on Tuesday amended the anti-money laundering law to bring individuals acting as formation agents of companies and others under its ambit. The Finance Ministry has notified five activities undertaken by individuals on behalf of other persons under the Prevention of Money Laundering Act
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FAQ :
Individuals acting as formation agents for companies and limited liability partnerships (LLPs) are now covered under the anti-money laundering law.
The PMLA now covers acting as a formation agent, director, secretary, partner, trustee, or nominee shareholder, and providing registered or business addresses for companies, LLPs, or trusts.
Yes, activities related to land or building use agreements, employment by an employer, specific actions by legal and accounting professionals during company formation, and those falling under the definition of an intermediary are excluded.
The amendment was notified on May 9, 2023.
The amendment aims to bring more individuals and activities involved in company and LLP formation under the ambit of anti-money laundering regulations.
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