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PMLA Amendment 2009

PMLA Amendment 2009

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Published by Jayavel Seetharaman
prevention of money laundering act
prevention of money laundering act

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Categories:Business/Law
Published by: Jayavel Seetharaman on Feb 03, 2012
Copyright:Attribution Non-commercial

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02/03/2012

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ISof2003.
42
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1999.
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EX1RAORDiNARY
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PARTIT-Section1
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PUBLISHEDBYAUTHORITY
~o24)No.24)
~~,~"tfT'f
6,2009
I~
15,1930
NEWDELHI,FRIDAY,MARCH6,
20091
PHALGUNA15,1930
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SeparatepagingisgiventothisPartinorderthatitmay]Jefiledasaseparatecompilation.
MINISTRYOFLAWANDJUSTICE(LegislativeDepartment)
NewDelhi,the6thMarch,20091Phalguna
15,1930
(Saka)
ThefollowingActofParliamentreceivedtheassentofthePresidentonthe6thMarch,2009,andisherebypublishedforgeneralinforrnation:-
THEPREVENTIONOFMONEY-LAUNDERING(AMENDMENT)ACT,2009No.21
OF
2009
[6thMarch,
2009.]
An
ActfinthertoamendthePreventionofMoney-launderingAct,2002.
BE
itenactedbyParliamentintheSixtiethYearof'theRepublicofIndiaasfollows:-
1.
(I)
ThisActmaybecalledthePreventionofMoney-laundering(Amendment)
Shorttitleand
Act,2009.
:e~~ence-
(2)
It
shallcomeintoforceonsuchdateastheCentralGovernmentmay,bynotification
in
theOfficialGazette,appoint.2.Insection2ofthePreventionofMoney-launderingAct,2002(hereinafterreferredtoastheprincipalAct),
in
sub-section
(1),-
(I)
afterclause
(d),
thefollowingclauseshallbeinserted,namely:-
'(da)
"authorisedperson"meansanauthorisedpersonasdefinedinclause
(c)
ofsection2oftheForeignExchangeManagementAct,1999;';
Amendmentofsection
2.
 
2THEGAZETTEOFlNDlAEXTRAORDINARY
[PAAfII-
(i/)
afterclause
0),
thefollowingclauseshallbeinserted,namely:-
'(ja)
"designatedbusinessorprofession"meanscarryingonactivitiesforplayinggamesofchanceforcashorkind,andincludessuchactivitiesassociatedwithcasinoorsuchotheractivitiesastheCentralGovernmentmay,bynotification,sodesignate,fromtimetotime;';
(iiI)
inclause
(I),
forthewords"anon-bankingfinancialcompany",thewords"anauthorisedperson,apaymentsystemoperatorandanon-bankingfinancialcompany"shallbesubstituted;'..
(iv)
inclause
(q),
afterthewordsandfigures"ReserveBankofIndiaAct,1934",thewords"andincludesapersoncarryingondesignatedbusinessorprofession"shallbeinserted;(v)afterclause
(r),
thefollowingclausesshallbeinserted,namely:-
'(ra)
"offenceofcrossborderimplications",means-
(t)
anyconductbyapersonataplaceoutsideIndiawhichconstitutesanoffenceatthatplaceandwhichwouldhaveconstitutedanoffencespecifiedinPartA,PartBorPartCoftheSchedule,haditbeencommittedinIndiaandifsuchpersonremitstheproceedsofsuchconductorpartthereoftoIndia;or
(i/)
anyoffencespecifiedinPartA,PartBorPartCoftheSchedulewhichhasbeencommittedinIndiaandtheproceedsofcrime,orpartthereofhavebeentransferredtoaplaceoutsideIndiaoranyattempthasbeenmadetotransfertheproceedsofcrime,orpartthereoffromIndiatoaplaceoutsideIndia.'
Explanation,-Nothing
containedinthisclauseshalladverselyaffectanyinvestigation,enquiry,trialorproceedingbeforeanyauthorityinrespectoftheoffencesspecifiedinPartAorPartBoftheScheduletotheActbeforethecommencementofthePreventionofMoney-laundering(Amendment)Act,2009;
(rb)
"paymentsystem"meansasystemthatenablespaymenttobeeffectedbetweenapayerandabeneficiary,involvingclearing,paymentorsettlementserviceorallofthem.
Explanation.-For
thepurposesofthisclause,"paymentsystem"includesthesystemsenablingcreditcardoperations,debitcardoperations,smartcardoperations,moneytransferoperationsorsimilaroperations;
(re)
"paymentsystemoperator"meansapersonwhooperatesapaymentsystemandsuchpersonincludeshisoverseasprincipal.
Exp/anation.-For
thepurposesofthisclause,"overseasprincipal"means,-
2of1934.
(A)
inthecaseofaperson,beinganindividual,suchindividualresidingoutsideIndia,whoownsorcontrolsormanages,directlyorindirectly,theactivitiesorfunctionsofpaymentsysteminIndia;
(B)
inthecaseofaHinduundividedfamily,KartaofsuchHinduundividedfamilyresidingoutsideIndiawhoownsorcontrolsormanages,directlyorindirectly,theactivitiesorfunctionsofpaymentsysteminIndia;
(C)
inthecaseofacompany,afirm,anassociationofpersons,abodyofindividuals,anartificialjuridicalperson,whetherincorporatedornot,suchcompany,firm,associationofpersons,bodyofindividuals,artificialjuridicalpersonincorporatedorregisteredoutsideIndiaorexistingassuchandwhichownsorcontrolsormanages,directlyorindirectly,theactivitiesorfunctionsofpaymentsysteminIndia;';
.I
"I
I
J
1
 
2of1974.
SEC.I]
THEGAZETIEOFINDIAEXTRAORDINARY
(VI)
inclause
(Y),
forsub-clause
(ii),
thefollowingsub-clausesshallbesubstituted,namely:-
"(il)
theoffencesspecifiedunderPartBofthe'Scheduleifthetotalvalueinvolvedinsuchoffencesisthirtylakhrupeesormore;or
(iiI)
theoffencesspecifiedunderPartCoftheSchedule.".3.Insection5oftheprincipalAct,insub-section
(1),-
(a)
forthewords"ninetydays",thewords"onehundredandfiftydays"shallbesubstituted;
(b)
fortheproviso,thefollowingprovisosshallbesubstituted,namely:-"Providedthatnosuchorderofattachmentshallbemadeunless,inrelationtothescheduledoffence,areporthasbeenforwardedtoaMagistrateundersection173oftheCodeofCriminalProcedure,1973,oracomplainthasbeenfiledbyaperson,authorisedtoinvestigatetheoffencementionedintheSchedule,beforeaMagistrateorcourtfortakingcognizanceofthescheduledoffence,asthecasemaybe:Providedfurtherthat,notwithstandinganythingcontainedinclause
(b),
'anypropertyofanypersonmaybeattachedunderthissectioniftheDirectororanyotherofficernotbelowtherankofDeputyDirectorauthorisedbyhimforthepurposesofthissectionhasreasontobelieve(thereasonsforsuchbelieftoberecordedinwriting),onthebasisofmaterialinhispossession,thatifsuchpropertyinvolvedinmoney-launderingisnotattachedimmediatelyunderthisChapter,thenon-attachmentofthepropertyislikelytofrustrateanyproceedingunderthisAct.".4.
In
section6oftheprincipalAct,-
(I)
insub-section
(1),
forthewords"oneormoreAdjudicatingAuthorities",thewords"anAdjudicatingAuthority"shallbesubstituted;
(il)
intheprovisotosub-section(8),fortheword"sixty-two",theword"sixty-five"shallbesubstituted.S.Insection8oftheprincipalAct,insub-section
(1),
forthewordsandfigure"offenceundersection3",thewordsandfigure"offenceundersection3orisinpossessionofproceedsofcrime".shallbesubstituted.6.
In
section12oftheprincipalAct,forsub-section(2),thefollowingsub-sectionshallbesubstituted,namely:-
"(2)(a)
Therecordsreferredtoinclause
(a)
ofsub-section
(1)
shallbemaintainedforaperiodoftenyearsfromthedateoftransactionsbetweentheclientsandthebankingcompanyorfinancialinstitutionorintermediary,asthecasemaybe.
(b)
Therecordsreferredtoinclause
(c)
ofsub-section
(1)
shallbemaintainedforaperiodoftenyearsfromthedateofcessationoftransactionsbetweentheclientsandthebankingcompanyorfinancialinstitutionorintermediary,asthecasemaybe.".7.Insection17oftheprincipalAct,insub-section
(1),-
(I)
in
theopeningportion,forthewords"theDirector",thewords"theDirectororanyotherofficernotbelowtherankofDeputyDirectorauthorisedbyhimforthepurposesofthissection,"shallbesubstituted;3
Amendment
ofsection
5.
Amendment
ofsection6.
Amendment
ofsection8.Amendmentofsection12.
Amendment
ofsection17.

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