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Sep 30, 2019

Amendments to the PMLA made by the Finance Act, 2019

The Finance Act, 2019 has brought about certain amendments to the Prevention of Money Laundering Act, 2002 (‘PMLA’). The primary amendment is to the definition of ‘proceeds of crime’ under the PMLA, which now includes properties not only derived or obtained from a scheduled offence, but also any property which may directly or indirectly be derived or obtained as a result of any criminal activity relatable to a scheduled offence. Additionally, a person would be guilty of money laundering if such person is found to have directly or indirectly attempted to indulge or knowingly assisted or knowingly is a party or found to be involved in concealing, possessing, acquiring or using a property connected with proceeds of crime.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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