03 Jun 2022 Prevention of Money Laundering Act
Prevention of Money Laundering Act – Today Current Affairs
- Recently, the Enforcement Directorate has arrested Delhi Health Minister and senior Aam Aadmi Party (AAP) leader Satyendar Jain in connection with his alleged involvement in the ‘Hawala transaction’ case under the ‘Prevention of Money Laundering Act’. Act – PMLA) under criminal provisions.
Today Current Affairs
About ‘Prevention of Money Laundering Act’:
- The ‘Prevention of Money Laundering Act (PMLA)’ was enacted as a response to India’s global commitment to combat the menace of money laundering (including the Vienna Convention).
Objectives of the Act : The Hindu Analysis
- The ‘Prevention of Money Laundering Act’ (PMLA) was enacted in the year 2002 to curb money laundering (the process of converting black money into white) and to provide for confiscation of money-laundering property was implemented in.
There are mainly three objectives of PMLA : The Hindu Analysis
- Preventing and controlling money laundering.
- Forfeiture of property received out of money laundering.
- Dealing with any other issue related to money laundering in India.
Dispute Redressal : The Hindu Analysis
- Under the Act, the ‘Adjudicating Authority’ is appointed by the Central Government. This authority decides whether the property attached or confiscated is related to ‘money laundering’.
- The Adjudicating Authority shall not be bound by the procedure laid down by the ‘Code of Civil Procedure, 1908’ but shall be guided by the principles of natural justice and shall act subject to other provisions of PMLA.
Appellate Tribunal : The Hindu Analysis
- An Appellate Tribunal appointed by the Government has been empowered to hear appeals against the orders of the ‘Adjudicating Authority’. An appeal can also be made against the orders of the Tribunal to the appropriate High Court.
Special Court : The Hindu Analysis
- Under the Prevention of Money Laundering Act, 2002 (PMLA), a provision has been made for the establishment of a special court by the central government.
Prevention of Money Laundering (Amendment) Act, 2012 : The Hindu Analysis
- Under the Amendment Act, the concept of ‘reporting entity’ has been included which would include a banking company, financial institution, intermediary etc.
- Under PMLA, 2002, there was a provision to impose a fine of up to Rs 5 lakh, but this upper limit has been removed by the Amendment Act.
- Under the Amendment Act, provision has also been made for temporary attachment and confiscation of property of any person involved in money laundering activities.
Here we mention all information about Prevention of Money Laundering Act Today Current Affairs.
Yojna Daily Current Affairs Eng Med 3rd June
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