Prohibition and prevention of money laundering amendment. Prevention of money laundering act, 2002 wikipedia. Money laundering prevention act revised edition showing the law as at 31 december 20 this is a revised edition of the law, prepared by the law revision commissioner under the authority of the revised edition of the laws act. The 2012 version of the amendment received presidents assent on january 3, 20, and the law became operational from february 15, when the finance ministry notified it. Prevention of moneylaundering amendment act 2009 indian. The money laundering prevention amendment act 2008 no. The money laundering and terrorist financing amendment. Interpretation in this act the principal act means the money laundering prevention act 1996. The following act of parliament received the assent of the president on the 6th march, 2009, and is hereby published for general information. Find information about the prevention of moneylaundering amendment act, 2009 which includes amendments in section 2, 5, 6 and 8 of the prevention of moneylaundering act, 2002. This act may be cited as the prevention of money laundering act, no. This paper seeks agreement to proposals to issue new and amend expiring regulations under the anti money laundering and countering financing of terrorism amlcft act 2009. By finance act, 2015 and 2016 proposed by finance bill, 2018. Oct 27, 2009 download rbi master circular on money laundering know your customer kyc this is in continuation of the same.
The prevention of money laundering amendment act, 2009 no. In exercise of the powers conferred by subsection 2 of section 1 of the prevention of moneylaundering amendment act, 2009 21 of 2009, the central government hereby appoints the 1st day of june, 2009, as. Money launderingis the process of transforming the proceeds of crime and corruption into apparently legitimate assets. Part b of the schedule to the act before the commencement of the prevention of money laundering amendment act, 2009 21 of 2009. Note 4 at the end of this reprint provides a list of the amendments incorporated. Prohibition and prevention of money laundering amendment act 2010. The prevention of money laundering amendment act, 2005, the prevention of money laundering amendment act, 2009 status. A total of eight amendments were proposed to the prevention of money laundering act pmla, 2002, of which six are explanations to the existing clauses. Prevention of moneylaundering amendment act, 2009, w.
An act to amend the prevention of money laundering act, 2002. Criminal law sentencing amendment act 38 of 2007 regulations under this act prevention of organised crime regulations gn r416 in gg 19914 of 1 april 1999 proceeds of crime regulations, 1997 gn r684 in gg 17996 of 9 may 1997 act to introduce measures to combat organised crime, money laundering and. 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. An act of parliament to provide for the offence of money laundering and to introduce measures for combating the offence, to provide for the. Users can get information regarding the act, its objectives, short title and commencement.
Kyc normsaml standardscombating financing of terrorism. A 2012 amendment to the act accorded the frc the authority to issue such instructions, directions, guidelines or rules to reporting institutions as it may consider necessary for the better carrying out of its functions. Be it enacted by the parliament of the commonwealth of dominica asfollows. Short title and commencement 1 this act may be called the prevention of money laundering amendment act, 2009. The money laundering prevention amendment act, 2009 2 no. A total of eight amendments were proposed to the prevention of money laundering act pmla, 2002, of.
The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. Details about amendments and sections of the act are also available. Person cannot be prosecuted for the offence committed. The committee started work a year later under its chairman dr. The new anti money laundering and countering the financing of terrorism law was enacted more than two years later in 2009. Anti money laundering and countering financing of terrorism act 2009 expiring regulations and new regulatory proposals proposal 1.
It came on the statute book as the prevention of moneylaundering act, 2002 15 of 2003. Ministry of finance department of revenue notification new delhi, the 16th june, 2010. The prevention of money laundering act, 2002 with amendments of 2008 bill act no. Money laundering prevention act,2012 bangla english. Prohibition and prevention of money laundering amendment parliamentary period. Mutual legal assistance on criminal matters act, 2012. Acts and rules department of revenue ministry of finance. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. Part b of the schedule to the act before the commencement of the prevention of moneylaundering amendment act, 2009 21 of 2009. Money laundering prevention act,2012 antiterrorism act, 2009. The money laundering prevention amendment act, 2009.
The revised money laundering and terrorism prevention act, 2008 mltpa came into effect on 1 january 2009. Proceeds of crime and antimoney laundering act, no. The directions contained in this circular have been issued under section 104 and section 111 of the foreign exchange management act, 1999 42 of 1999and also under the, prevention of money laundering act, pmla, 2002, as amended by prevention of money laundering amendment act, 2009 and prevention of money laundering maintenance of. Provide for appeal against the orders of the appellate.
To conclude the investigation and trial within 2 yrs, extendable up to 4 yrs. Be it enacted by parliament in the sixtieth year of the republic of india as follows. The act has provided for provisional attachment and confiscation of property of any person for a period not exceeding 180 days. Reserve bank of india foreign exchange department central. This legislative material has been prepared for convenience of reference only. Find information about the prevention of moneylaundering amendment act, 2009 which includes amendments in section 2, 5, 6 and 8 of the prevention of money laundering act, 2002. Unless there is anything repugnant in the subject or context, in this act a smuggling of money. This act is administered by the ministry of justice. Introduction the offence of money laundering has been defined in section 3 of the prevention of money laundering act, 2002 pmla as whosoever directly or. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. Money laundering is the process of transforming the proceeds of crime and corruption into apparently legitimate assets. Amendments to prevention of money laundering act gktoday. An act further to amend the prevention of money laundering act, 2002.
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. The prevention of moneylaundering act, 2002 with amendments of 2008 bill act no. Prevention of money laundering amendment act year 2017. Shaw president an act to amend the money laundering prevention act, 2000act no. Short title and commencement 1 this act may be called the prevention of moneylaundering amendment act, 2009.
Anact further to amend the prevention of moneylaundering act, 2002. The prevention of money laundering act, 2002 levied a fine up to rs 5 lakh. In confidence office of the minister of justice chair. Jul 19, 2019 the finance bill 2019 has proposed amendments to tighten the anti money laundering law. Duty to report international transfer of funds and securities. This act may be cited as the money laundering prevention amendment act. Government of india vide the prevention of money laundering amendment act, 2009 21 of 2009 has amended the pmla and the amendment has come into force with effect from june 1, 2009. Be it enacted by parliament in the fifty sixth year of the republic of india as follows. An act further to amend the prevention of moneylaundering act, 2002.
Antimoney laundering law amended global legal monitor. Money laundering prohibition amendment act, 2012 arrangement of sections section. Dec 11, 20 the prevention of money laundering amendment act 2012 the pmla was enacted in 2002, but was amended thrice, first in 2005, then in 2009 and then 2012. In pursuance of section 162 of anti terrorism amendment act, 2012, and anti money laundering departments of angladesh ank letter dated 04. The prevention of money laundering amendment act, 2009. Anact further to amend the prevention of money laundering act, 2002. In section 2 of the prevention of moneylaundering act, 2002 hereinafter referred to as the principal act, in subsection 1. Prevention of money laundering and terrorist financing manual revised march 2018 page 4 antimoney laundering and terrorist financing amendmentno. Advisory authority means the advisory authority for combating money laundering and terrorist financing which is established. The revisions brought the act in line with the financial action task forces 40 recommendations and special recommendations on terrorist financing. Prevention of moneylaundering amendment act, 2009 commencement of act notified date.
Pmla prevention of money laundering act 2002 and amendment. Antimoneylaundering and countering the financing of. Changes authorised by subpart 2 of part 2 of the legislation act 2012 have been made in this official reprint. The prevention of moneylaundering amendment act, 2005. Effective date for enforcement of act 1st day of june, 2009 vide notification no. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. The fact is that the amended provisions of the pml act, as amended by the prevention of money laundering amendment act, 2009, came into operation on the appointed date, that is, june 1, 2009. Download rbi master circular on money laundering know your customer kyc this is in continuation of the same. The prevention of moneylaundering amendment act, 2009 no. The prevention of money laundering amendment act, 2005. Antimoney laundering and countering financing of terrorism. In force prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent money laundering and to provide for confiscation of property derived from money laundering. 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. The amendment, inter alia, has brought authorized persons within the definition of financial institutions under section 2l of the act.
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 pmla were brought in. Amendment of section 2 of the principal act section 2 of the principal act is amended by inserting in the appropriate alphabetical. The finance bill 2019 has proposed amendments to tighten the anti money laundering law. This act amends the money laundering prohibition act, no. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. The treasury, in exercise of the powers conferred by section 22 of that act, paragraph 5 of schedule 3a to the terrorism act 2000 c and paragraph 5 of schedule 9 to the proceeds of crime. This law may be cited as the prevention and suppression of money laundering and terrorist financing laws of 200720.
448 450 448 1051 1362 1036 481 1404 1284 460 516 662 612 517 967 296 981 552 735 1259 171 936 470 780 822 1233 537 230 247 740 1408 296 761 986 891 186 970 1222 914 736 158 665 533 663 821