Treatise on PMLA (Prevention of Money-Laundering Act) Law and Practice (2 Volume Set)

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Description
The Prevention of Money-Laundering Act, 2002 (PMLA) was enactedby the Parliament of India to prevent money-laundering and confiscate property acquired from money-laundering. The PMLA came into effect on 1st July, 2005. Its main object was to prevent money-laundering, provide for confiscation of property derived from or involved in money laundering, and punish those who are engaged in the commission of the offence of money-laundering. The Prevention of Money Laundering Act, 2002 (PMLA) was amended several times, in 2005, 2009, 2012, and most recently in 2019, through the Finance (No. 2) Act, 2019. These amendments have introduced new concepts and made changes to existing provisions. For example, the 2019 amendment added the concept of 'reporting entity', which includes a banking company, financial institution, intermediary, etc. The amendment also removed the upper limit of the fine that can be levied
under PMLA, 2002. It provided for provisional attachment and confiscation of property of any person involved in such activities. Moreover, the scope and ambit of the Act has also been enhanced by refining the definition of the offence of money-laundering by the Finance (No. 2) Act, 2019, making it more stringent by including indirect attempt to indulge in activities such as concealing, possession, acquisition, use, projecting or even claiming proceeds of crime as untainted property as punishable offence under the Act. Though the amendments look draconian at first glance, such clarifications are the need of the hour, considering the advancement of technologies in in commercial transactions. The constitutional validity of similar provisions in other Acts have been upheld by the Supreme Court and the High Courts from time to time.
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Table of Contents
 Volume 1
The Prevention of Money-Laundering Act, 2002
Chapter I
Preliminary
Section    
1.    Short title, extent and commencement    
2.    Definitions    
Chapter II
Offence of Money-Laundering
3.    Offence of money-laundering    
4.    Punishment for money-laundering    
Chapter III
Attachment, Adjudication and Confiscation
5.    Attachment of property involved in money-laundering     
6.    Adjudicating Authority, composition, powers, etc.    
7.    Staff of Adjudicating Authorities    
8.    Adjudication    
9.    Vesting of property in Central Government    
10.    Management of properties confiscated under this Chapter    
11.    Power regarding summons, production of documents and evidence, etc.    
Chapter IV
Obligations of Banking Companies,
Financial Institutions and Intermediaries
Section    
11A.    Verification of identity by reporting entity    
12.    Reporting entity to maintain records    
12A.    Access to information    
12AA.    Enhanced due diligence    
13.    Powers of Director to impose fine    
14.    No civil or criminal proceedings against reporting entity, its directors and employees in certain cases    
15.    Procedure and manner of furnishing information by reporting entities    
Chapter V
Summons, Searches and Seizures, etc.
16.    Power of survey    
17.    Search and seizure    
18.    Search of persons    
19.    Power to arrest    
20.    Retention of property    
21.    Retention of records    
22.    Presumption as to records or property in certain cases    
23.    Presumption in inter-connected transactions    
24.    Burden of proof    
Chapter VI
Appellate Tribunal
25.    Appellate Tribunal    
26.    Appeals to Appellate Tribunal    
27.    Composition, etc., of Appellate Tribunal    
28.    Qualifications for appointment    
29.    Term of office    
30.    Conditions of service    
31.    Vacancies    
32.    Resignation and removal    
33.    Member to act as Chairperson in certain circumstances    
34.    Staff of Appellate Tribunal    
35.    Procedure and powers of Appellate Tribunal    
36.    Distribution of business amongst Benches    
37.    Power of Chairperson to transfer cases    
38.    Decision to be by majority    
39.    Right of appellant to take assistance of authorised representative and of Government to appoint presenting officers    
Section    
40.    Members, etc., to be public servants    
41.    Civil court not to have jurisdiction    
42.    Appeal to High Court    
Chapter VII
Special Courts
43.    Special Courts    
44.    Offences triable by Special Courts    
45.    Offences to be cognizable and non-bailable    
46.    Application of the Code of Criminal Procedure, 1973 to proceeding before Special Court    
47.    Appeal and revision    
Volume 2
Chapter VIII
Authorities
48.    Authorities under the Act    
49.    Appointment and powers of authorities and other officers    
50.    Powers of authorities regarding summons, production of documents and to give evidence, etc.    
51.    Jurisdiction of authorities    
52.    Power of Central Government to issue directions, etc.    
53.    Empowerment of certain officers    
54.    Certain officers to assist in inquiry, etc.    
Chapter IX
Reciprocal arrangement for assistance in certain matters and
procedure for attachment and confiscation of property
55.    Definitions    
56.    Agreements with foreign countries    
57.    Letters of request to a contracting state in certain cases    
58.    Assistance to a contracting state in certain cases    
58A.    Special Court to release the property    
58B.    Letter of request of a Contracting State or authority for confiscation or release the property    
59.    Reciprocal arrangements for processes and assistance for transfer of accused persons    
60.    Attachment, seizure and confiscation, etc., of property in a contracting state or India    
61.    Procedure in respect of letter of request    
Chapter X
Miscellaneous
Section    
62.    Punishment for vexatious search    
63.    Punishment for false information or failure to give information, etc.    
64.    Cognizance of offences    
65.    Code of Criminal Procedure, 1973 to apply    
66.    Disclosure of information    
67.    Bar of suits in civil courts    
68.    Notice, etc., not to be invalid on certain grounds    
69.    Recovery of fine or penalty    
70.    Offences by companies    
71.    Act to have overriding effect    
72.    Continuation of proceedings in the event of death or insolvency    
72A.    Inter-ministerial Co-ordination Committee    
73.    Power to make rules    
74.    Rules to be laid before Parliament    
75.    Power to remove difficulties    
The Schedule   
Appendices
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Author Details
Akhilesh S. Dubey Advocate & Solicitor, LL.B, LL.M (University of London), Admitted as a Solicitor of Superior Courts of England & Wales
Foreword by
Justice B.R. Gavai Judge, Supreme Court of India,
Introduction by
Justice M.S. Karnik Judge, High Court at Bombay