Notification to Tweak PMLA

The Indian government recently widened the scope of the Prevention of Money Laundering Act (PMLA), 2002, to include transactions facilitated by chartered accountants, company secretaries, and cost and works accountants. This move is part of the government’s efforts to tackle ..

Tags: PMLA • PMLA Act • Prevention of Money Laundering Act (PMLA)

Month: Current Affairs - May, 2023

Category: Legal & Constitution Current Affairs

PMLA Amendments

In its recent amendment, the Central Government listed 15 government bodies that are required to share information with the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA). The list was amended in accordance with Section 66 of the ..

Tags: economic intelligence unit • Enforcement Directorate • PMLA • PMLA Act • Prevention of Money Laundering Act (PMLA)

Month: Current Affairs - December, 2022

Category: India Nation & States Current Affairs

FIU and IT Department Join Hands to Check Suspicious Cash Transactions

The Income Tax Department has been allowed to share the PAN Card details of an individual entity with the Financial Intelligence Unit so that the FIU can investigate the possible sources of any large cash transaction. It will help in ..

Tags: Central Board of Direct Taxes • CTR • Financial Intelligence Unit • Income Tax Department • PMLA

Month: Current Affairs - July, 2020

NCLAT on the IBC and PMLA

In a case related to Rotomac Global Private Limited, the National Company Law Appellate Tribunal (NCLAT) has made following observations related to Insolvency and Bankruptcy Code (IBC) and Prevention of Money Laundering Act (PMLA): Prevention of Money Laundering Act (PMLA), ..

Tags: IBC • Insolvency and Bankruptcy Code • National Company Law Appellate Tribunal • NCLAT • PMLA

PMLA prevails over Bankruptcy Act and Insolvency Code: Delhi HC

The Delhi High Court has ruled that Prevention of Money Laundering Act (PMLA) prevails over the Bankruptcy Act and insolvency code when it comes to attachment of properties obtained as ‘proceeds of crime’. The Enforcement Directorate (ED) had challenged the ..

Tags: CLAT • Delhi High Court • ED • Enforcement Directorate • IBC

Month: Current Affairs - April, 2019

Vijay Mallya becomes first Indian business tycoon to be named “Fugitive Economic Offender (FEO)”

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 ..

Tags: Asset forfeiture • Crime • Fraud • Fugitive Economic Offender • Fugitive Economic Offenders Act