An act to amend the money laundering and terrorism prevention act, no 18 of 2008, to provide for measures to ensure compliance with international standards and obligations in relation to money laundering. Money laundering and terrorism prevention amendment act 4. The prevention of money laundering act enforcement directorate. Acts and rules department of revenue ministry of finance. Fema rbi this part of pmla contains only introductory portion of the act, this article contained only 2 chapters. This act may be cited as the money laundering prevention amendment act, 20. Amendments to prevention of money laundering act gktoday. Money laundering had already been included within the provisions of the 1986 drug trafficking offences act, 1986. Dec 11, 20 the prevention of money laundering act, 2002 pmla the prevention of money laundering act, 2002 pmla forms the core of the legal framework put in place by india to combat money laundering. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent moneylaundering and to provide for confiscation of property derived from moneylaundering.
The prevention of money laundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent money laundering and to provide for confiscation of property derived from money laundering. Money laundering prevention act,2012 bangla english. Explanatory statement the money laundering prevention policy. Money laundering and terrorist financing often display similar transactional features, mostly having to do with concealment and disguise. Pmla and the rules notified there under came into force with effect from july 1, 2005. Law 102010, of 28 april, prevention of money laundering and terrorism financing updated 10 of december 20 november 2006 on information on th juan carlos i king of spain to all those who see or hear the present. Pdf prevention of money laundering and the role of asset. Pdf form based utilities to capture data and print the report as per the specified format. Obligation to disclose physical crossborder transportation of currency, bearer negotiable.
There are 3 main acts to consider when dealing with money laundering in south africa. Whereas the political declaration and global programme of action, annexed to. An act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto. The term money laundering in south african criminal law refers to a number of different offences that can be committed in terms of the prevention of organised crime act 121 of 1998 poca. Duty to report international transfer of funds and securities. Objective of the act the pml act seeks to combat money laundering in india and has three main objectives. Pranab mukherjee in the loksabha on december 27, 2011. Part b of the schedule to the act before the commencement of the prevention of moneylaundering amendment act, 2009 21 of 2009. Act antimoney laundering act 20 uganda legal information. The finance bill 2019 has proposed amendments to tighten the antimoneylaundering law.
Commencement enacted by the national assembly of the federal republic of nigeria. The anti money laundering act, 20 an act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. Prevention of money laundering and the role of asset recovery. This act may be cited as the prevention of money laundering act, no. An act further to amend the prevention of money laundering act, 2002. Jul, 2011 it complements and works with the prevention of organised crime act, 1998 which contains the substantive money laundering offences.
The prevention of money laundering amendment act, 2005. First of all the money laundering legislation, does not act upon the crime itself it deals with the process of the crime. Antigua and barbuda money laundering prevention amendment act, 20 no. A watchdog on ngos prevention of money laundering act. Prevention of money laundering act, 2002 wikipedia. Antimoney laundering and terrorist financing measures and financial inclusion fatf guidance 20 3 table of acronyms. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. Objectives of the centre the financial intelligence centre is established in order to identify the proceeds of unlawful activities and to combat money laundering activities. Pmla, 2002 the prevention of money laundering act pmla, 2002 was enacted in january, 2003. Act on detecting and preventing money laundering and. Both money laundering and terrorist financing can weaken individual nongovernment development organization, and they are also a threat to a countrys overall reputation of development sector. Enacted by the parliament of antigua and barbuda as follows. Out of 140 countries, india was ranked 70th in 20 by anti money laundering aml base level which clearly shows that our economy is very vulnerable to money laundering activities.
The antimoney laundering act, 20 was established by the government of uganda to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. The prevention of money laundering act, 2002 with amendments of 2008 bill act no. Money laundering prevention act,2012 antiterrorism act, 2009. The prevention of money laundering act, 2002 pmla was brought into force with. Act liii of 2017 on the prevention and combating of money.
Preamble whereas the republic of kenya has enacted the prevention of terrorism act, 2012, the prevention of organized crimes act, 2010 and the proceeds of crime and antimoney. Preliminary provisions subject matter article 1 this law lays down actions and measures for preventing and detecting money laundering and terrorism financing. Consequently, there is no monetary threshold to initiate investigations under pmla. Law on the prevention of money laundering and the financing. The fiscal responsibility act fra 2007 and the public procurement act v. The prevention of organized crime act poca no 121 of 1998. Before introduction of prevention of money laundering act pmla 2002, there were many acts which directly or indirectly helped to curb money laundering activities. Antimoney laundering and terrorist financing measures and. Master circular on amlcft anti money laundering aml standards combating the financing of terrorism cft obligations of securities market intermediaries under the prevention of money laundering act, 2002 and rules framed there under. The revised money laundering and terrorism prevention act, 2008 mltpa came into effect on 1 january 2009. Law 102010, of 28 april, prevention of money laundering and. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003.
It complements and works with the prevention of organised crime act, 1998 which contains the substantive money laundering offences. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and for matters connected therewith or incidental thereto. The prevention of money laundering act 2002 is sought to be further amended by the prevention of money laundering amendment bill, 2011 hereinafter referred to as the bill, which has been introduced by the minister of finance, mr. The antimoney laundering act, 20 an act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. The act and rules notified there under impose obligation on banking companies. Money laundering and kyc regulations in south africa. The prevention of moneylaundering amendment act, 2005. Find, read and cite all the research you need on researchgate. Law 102010, of 28 april, prevention of money laundering. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004.
The following act of parliament received the assent of the president on 20 february, 2012 08 falgun, 1418 and is hereby published for general information act no. The prevention of moneylaundering act, 2002 with amendments of 2008 bill act no. Money laundering and proceeds of crime act act 420. Act on detecting and preventing money laundering and terrorist financing 5032008. Pdf this article looks at the history of antimoney laundering laws as well as current developments in this field. For more information about the fatf, please visit the website. Prevention of money laundering amendment act year 2017. The revisions brought the act in line with the financial action task forces 40 recommendations and special recommendations on terrorist financing. Objectives of the centre the financial intelligence centre is established in order to identify the proceeds of unlawful activities and to combat moneylaundering activities. A total of eight amendments were proposed to the prevention of money laundering act pmla, 2002, of which six are explanations to. The provisions of the act shall apply in relation to a a person who commits an offence under the provisions of this act whilst being resident in sri lanka. The enactment of the evidence act, 2011 has attempted to. Money laundering prevention act, 2012 bangladesh customs.
It came on the statute book as the prevention of moneylaundering act, 2002 15 of 2003. Pmla defines money laundering offence and provides for the freezing, seizure and confiscation of the proceeds of crime. The anti money laundering act, 20 was established by the government of uganda to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. This act amends the money laundering prohibition act, no. Sexual harassment of women at workplace prevention, prohibition and redressal act, 20 unorganised. An act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence. An act to amend the money laundering prevention act, 1996 no.
Prevention of moneylaundering act, 2002 bare acts law. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. Critical analysis of prevention of money laundering act.
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