On Anti-Money Laundering

On Anti-Money Laundering: The verdict is likely to affect a huge number of opposition leaders, including Congress’s Sonia Gandhi and Rahul Gandhi

New Delhi: 

The Supreme Court will deliver its judgment on a batch of pleas challenging the various provisions of the Prevention of Money Laundering Act (PMLA) today.

The verdict by the bench of Justices AM Khanwilkar, Dinesh Maheshwari, and CT Ravi Kumar is likely to affect a huge number of opposition leaders — including Congress’s Sonia Gandhi and Rahul Gandhi — who are under the scanner of the central investigating agency.

On July 15, the Supreme Court said that its judgment on the pleas challenging the provisions of the Prevention of Money Laundering Act (PMLA) is “almost ready”.

Supreme Court upholds validity of anti-money laundering laws

The petitions are concerned with the interpretation of the Prevention of Money Laundering Act, 2002.

The top court earlier reserved its order on a batch of petitions challenging certain provisions of the Prevention of Money Laundering Act (PMLA). The petitioners include politician Karti Chidambaram and former Jammu and Kashmir Chief Minister Mehbooba Mufti, among others.

The petitions raised multiple issues, including the absence of procedure to commence investigation and summoning and that the accused is not made aware of the contents of the Enforcement Case Information Report (ECIR).

SC to deliver the verdict on pleas concerning the interpretation of provisions of the anti-money laundering law

Ms. Mufti had challenged constitutional vires of Section 50, and any incidental provisions of the Prevention of Money Laundering Act, 2002.

Section 50 of the PMLA empowers the ‘authority’ i.e., officers of the Enforcement Directorate, to summon any person to give evidence or produce records. All persons summoned are bound to answer questions put to them, and to produce the documents as required by the ED officers, failing which they can be penalized under the PMLA.

However, the center had justified the constitutional validity of the provisions of PMLA. The center had defended the amendments to PMLA, saying money laundering poses threat not only to financial systems but to the integrity and sovereignty of nations, since money laundering is conducted not just by corrupt businessmen like Vijay Mallya or Nirav Modi but also by terror groups.

4CommentsAltogether, 242 appeals have been filed on the issue. Among the prominent names who are currently under the ED scanner are Congress’s Sonia Gandhi who was questioned on Tuesday, former Jammu and Kashmir Chief Minister Farooq Abdullah, and Trinamool Congress’s Partha Chatterjee.

Indian Authorities Must Strengthen Anti-Money Laundering and Terrorism Finance Regulations Ahead of Central Bank Digital Currency Rollout

The Supreme Court held that relevant safeguards have been provided, and these provisions are not manifestly arbitrary. A bench of Justices AM Khanwilkar, Dinesh Maheshwari, and CT Ravikumar, hearing a batch of 241 petitions, said the parties seeking bail can move to the appropriate forum.

The court upheld the validity of Sections 3 (definition of money laundering), 5 (attachment of property), 8(4) [taking possession of attached property), 17 (search and seizure), 18 (search of persons), 19 (powers of arrest), 24 (reverse burden of proof), 44 (offenses triable by the special court), 45 (offenses being cognizable and non-bailable).

However, the court observed that the question of enactment of amendments in 2019 to the PMLA Act as a money bill has to be decided by a larger bench of seven judges before whom the same question is already pending.

Anti-Money Laundering Software Market Size to hit $6.16Bn, Globally, by 2028 – Premium Report by The Insight Partners

The court added that the supply of an Enforcement Case Information Report (ECIR) under PMLA proceedings is not mandatory as it is an internal document and cannot be equated to a First Information Report (FIR).

“Supply of ECIR to accused is not mandatory and only the disclosure of reasons during the arrest is enough. Even the ED manual is not to be published since it is an internal document. The department has to explore the desirability of uploading broad objectives of the act on the website,” the court said.

Anti Money Laundering (AML) Definition – Investopedia

https://www.investopedia.com SEC

Antimoney laundering (AML) refers to laws and regulations intended to stop criminals from disguising illegally obtained funds as legitimate income.

Anti-Money Laundering/Combating the Financing of Terrorism

https://www.imf.org › leg › amlcft › eng › aml1

An effective antimoney laundering/counter financing of terrorism framework must therefore address both risk issues: it must prevent, detect and punish illegal 

Anti-Money Laundering: What It Is and Why It Matters | SAS India

https://www.sas.com Fraud & Security Insights

Antimoney laundering (AML) refers to the activities financial institutions perform to achieve compliance with legal requirements to actively monitor for 

Anti-Money Laundering – Overview, Process, and History

https://corporatefinanceinstitute.com Finance

06-May-2022 — AntiMoney Laundering (AML) is a set of policies, procedures, and technologies that prevents money laundering. · There are three major steps in 

Anti-Money Laundering (AML) | FINRA.org

https://www.finra.org › rules-guidance › key-topics › aml

Firms must comply with the Bank Secrecy Act and its implementing regulations (“AML rules”). The purpose of the AML rules is to help detect and report 

What is Anti-Money Laundering? – Sanction Scanner

https://sanctionscanner.com › knowledge-base › anti-m.

Anti Money Laundering (AML) is a worldwide term to prevent money laundering and includes policies, laws, and regulations to prevent financial crime

Anti-Money Laundering in Banking & Finance (2022) – Jumio

https://www.jumio.com › aml-guidance-banking-financ

06-Apr-2022 — AML is a set of regulations, laws and procedures that detect and prevent criminals from disguising illegal funds as legitimate income. AML 

Prevention of Money Laundering | Government of India

https://dor.gov.in › prevention-of-money-laundering-list

Prevention of Money Laundering ; Overview. Overview · Objective · Statutory Frame Work ; Institutional Framework. ED (Enforcement Directorate) · Financial 

Master Circulars – Reserve Bank of India

https://m.rbi.org.in › scripts › BS_ViewMasCirculardetails

Reserve Bank of India has issued regulatory guidelines on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards / Combating of Financing of 

Money Laundering – Financial Action Task Force (FATF)

https://www.fatf-gafi.org › faq › moneylaundering

The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of 

Money Laundering, Proceeds of Crime and the Financing of 

https://www.unodc.org › unodc › money-laundering

Money laundering is the processing of criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to 

Global Programme against Money Laundering – UNODC

https://www.unodc.org › money-laundering › .html

The Global Programme against Money Laundering, Proceeds of Crime and the financing of Terrorism (GPML) is a global programme providing in-depth assistance 

Anti-Money Laundering: Challenges and Trends

https://www.tcs.com › dam › tcs › pdf › Industries

Banks and financial institutions are facing some serious. AML compliance challenges that can be typically attributed to faulty mitigation approaches. Firms that 

7 pages

II DETAILED GUIDELINES 6 -15

https://www.sebi.gov.in › sebi_data › attachdocs

subjects of money laundering and terrorist financing summarizes the main provisions of the applicable antimoney laundering and anti-terrorist financing.

15 pages

ACAMS: Certified Anti-Money Laundering Specialist | ACAMS

https://www.acams.org › 

CAMS (Certified AntiMoney Laundering Specialist) is the global gold standard in AML certifications, with more than 40,000 CAMS graduates worldwide

AML Glossary of Terms | ACAMS Trending Topics

https://www.acams.org › resources › aml-glossary-of-te

AntiMoney Laundering controls seek to stop financial criminals from disguising illegally obtained funds as legitimate ones. Financial institutions and other 

History of Anti-Money Laundering Laws | FinCEN.gov

https://www.fincen.gov › history-anti-money-launderin

History of AntiMoney Laundering Laws Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”).

 

SOURCE URL

 

 

Leave a Reply

Your email address will not be published.