Asset forfeiture Current Affairs, GK & News
Former liquor baron Vijay Mallya has become the first Indian businessman to be declared a Fugitive Economic Offender (FEO) under the newly enacted Fugitive Economic Offenders Act of 2018 by the Special Prevention of Money Laundering Act (PMLA) court in Mumbai. The tag now allows the government to confiscate and sold his properties in alleged ..
Topics: Asset forfeiture • Crime • Fraud • Fugitive Economic Offender • Fugitive Economic Offenders Act • Fugitives • Kingfisher Airlines • Modi administration • Money Laundering • PMLA • Prevention of Money Laundering Act • Vijay Mallya
During the monsoon session of Parliament, the Lok Sabha passed the Fugitive Economic Offenders Bill 2018, which will empower authorities to attach and confiscate properties and assets of economic offenders like loan defaulters & fraudsters who flee the country. The bill will replace an ordinance promulgated by President Ram Nath Kovind in April 2018. It ..
Money laundering is the process by which large amounts of illegally obtained is given the appearance of having originated from a legitimate source. So basically, all the ways to convert the black money into white money are Money laundering. But in Money laundering, the black money must involve a predicate crime such as the violation of Indian Penal Code, ..
Topics: Asset forfeiture • Crime • Financial Action Task Force on Money Laundering • Financial regulation • Law • Law by country • Money Laundering • Prevention of Money Laundering Act • Task forces • Tax Evasion • Tax in India • Terrorism • Terrorism financing