Government introduces Bill to amend the Prevention of Money-laundering Act, 2002 through Finance Act, 2018

Feb 02, 2018 | by Avantis RegTech Legal Research Team

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The Central Government vide press release date February 01, 2018 has introduced bill to amend the Prevention of Money-laundering Act, 2002 through Finance Act, 2018. The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecution of PMLA cases. The major amendments proposed are as follows:

Corporate frauds included as Scheduled offence: Section 447 of Companies Act is being included as scheduled offence under PMLA so that Registrar of Companies in suitable cases would be able to report such cases for action by Enforcement Directorate under the PMLA provisions. This provision shall strengthen the PMLA with respect to corporate frauds.

[Release ID: 1518768].

 

URL: http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1518768


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