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    Moneylaunderingact PDF

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    gurpreet06

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    © All Rights Reserved
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    PREVENTION OF MONEY LAUNDERING ACT, 2002 Arrangement of Sections SECTION CHAPTERI PRELIMINARY 1. Short title, extent and commencement eK SoePmaNan . Definitions CHAPTER II OFFENCE OF MONEY-LAUNDERING . Offence of money-laundering . Punishment for money-laundering CHAPTER III ATTACHMENT, ADJUDICATION AND CONFISCATION - Attachment of property involved in money-laundering . Adjudicating Authorities, composition, powers, etc. . Staff of Adjudicating Authorities . Adjudication . Vesting of property in Central Government » Management of properties confiscated under this Chapter - Power regarding summons, production of documents and evidence, ete. CHAPTER IV OBLIGATIONS OF BANKING COMPANIES, FINANCIAL INSTITUTIONS AND INTERMEDIARIES » Banking companics, financial institutions and inter- mediaries to maintain records 2.3 PAGE 27 2.7 2.10 2.10 2.10 2.12 214 214 2.15 216 2.16 PREVENTION OF MONEY-LAUNDERING ACT, 2002 SECTION 13. 14. 15. 16. 17. 18. 19, 20. 21. 22. 23. 24, 34 Powers of director to impose fine No civil proceedings against banking companies, finan- cial institutions, ete., in certain cases Procedure and manner of furnishing information by banking company, financial institution and intermediary CHAPTER V. SUMMONS, SEARCHES A? SEIZURES, ETC. Power of survey Search and seizure Search of persons Power to arrest Retention of property Retention of records Presumption as to records or property in certain cases Presumption in inter-connected transactions Burden of proof CHAPTER VI APPELLATE TRIBUNAL . Establishment of Appellate Tribunal 26. ae 28. 29. 30. 31. 32. 33. 35. 36. 37. Appeals to Appellate Tribunal Composition, etc., of Appellate Tribunal Qualifications for appointment Term of office Conditions of service Vacancies Resignation and removal Member to act as Chairperson in certain circumstances Staff of Appellate Tribunal Procedure and powers of Appellate Tribunal Distribution of business amongst Benches Power of Chairperson to transfer cases 2.4 PAGE 247 218 won RS S36 ane £i ww NN NN ot 2.25 2.25 2.26 2.26 2.27 2.27 22, 2.28 2.28 2.28 2.28 2.29 2.30 25 fie 8 - » ARRANGEMENT OF SECTIONS SECTION 38. 39, 40. 4l. 42. 43. 44. 45. 46. 47, Decision to be by majority Right of appellant to take assistance of authorised representative and of Government to appoint presenting officers Members, etc., to be public servants Civil Court not to have jurisdiction Appeal to High Court CHAPTER VII SPECIAL COURTS Special Courts Offences triable by Special Courts Offences to be cognizable and non-bailable Application of Code of Criminal Procedure, 1973 to proceedings before Special Court Appeal and revision CHAPTER VIII AUTHORITIES . Authorities under Act - Appointment and powers of authorities and other officers . Powers of authorities regarding summons, production of documents and to give evidence, etc. 1. Jurisdiction of authorities 52. Power of Central Government to issue directions, etc. . Empowerment of certain officers . Certain officers to assist in inquiry, etc. CHAPTER IX RECIPROCAL ARRANGEMENT FOR ASSISTANCE IN CERTAIN MATTERS AND PROCEDURE FOR ATTACHMENT AND CONFISCATION OF PROPERTY . Definitions . Agreements with foreign countries . Letters of request to a contracting State in certain cases PAGE 2.30 2.30 2.30 2.30 2.31 2.31 2.31 2.32 2.33 2.33 2.33 2.34 2.34 2.35 2335) 2.36 2.36 2.36 237 2.37 PREVENTION OF MONEY-LAUNDERING ACT, 2002 SECTION 58. 59. 60. 62. ‘63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74, 75. sistance to a contracting State in certain cases Reciprocal arrangements for processes and assistance for transfer of accused persons Attachment, seizure and confiscation, etc., of property in a contracting State or India . Procedure in respect of letter of request CHAPTER X MISCELLANEOUS Punishment for vexatious search Punishment for false information or failure to give information, etc. Cognizance of offences Code of Criminal Procedure, 1973 to apply Disclosure of information Bar of suits in civil courts Notice, etc., not to be invalid on certain grounds Recovery of fines Offences by companies Act to have overriding effect Continuation of proceedings in the event of death or insolvency Power to make rules Rules to be laid before Parliament Power to remove difficulties SCHEDULE 2.6 PAGE 2.38 2.39 240 w a Ss wu SRABREEES a Nw Ss NNN Nw wv + & 244 2.46 2.46 2.46 PREVENTION OF MONEY LAUNDERING ACT, 2002 An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connecied therewith or incidental thereto. wHereas the Political Declaration and Global Programine of Action, an- nexed to the resolution S-17/2 was adopted by the General Assembly of the United Nations at its seventeenth special session on the twenty-third day of February, 1990; ip wiereas the Political Declaration adopted by the Special Session of the United Nations General Assembly held on 8th to 10th June, 1998 calls upon the Member States to adopt national money-laundering legislation and programme; jv WHEREAS it is considered necessary to implement the aforesaid resolu- tivit and the Declaration. Be is enacted by Parliament in the Fifty-third Year of the Republic of India as follows -— CHAPTER I PRELIMINARY Short title, extent and commencement. 1. (1) This Act may be called the Prevention of Money Laundering Act, 2002. (2) It extends to the whole of India (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision. Definitions. 2. (1) In this Act, unless the context otherwise requir S.2 (@ (b) el () Gh (k Gn) (1) PREVENTION OF MONEY-LAUNDERING ACT, 2002 2.8 “Adjudicating Authority" means an Adjudicating Authority appointed under sub-section (1) of section 6; “Appellate Tribunal” means the Appellate Tribunal established under section 25; “Assistant Director” means an Assistant Director appointed under sub-section (1) of section 49; “attachment” means prohibition of transfer, conversion, disposi- tion or movement of property by an order issued under Chapter iE “banking company” means a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banki institution referred to in section 51 of that Act; "Bench" means a Bench of the Appellate Tribunal; “Chairperson” means the Chairperson of the Appellate Tribunal: “chit fund company” means a company managing, conducting or supervising, as foreman, agent or in any other capacity, chits as defined in section 2 of the Chit Funds Act, 1982 (40 of 1982); “co-operative bank" shall have the same meaning as assigned to it in clause (dd) of section 2 of the Deposit Insurance and Credit Guar- antee Corporation Act, 1961 (47 of 1961); “Deputy Director” means a Deputy Director appointed under sub- section (1) of section 49; “Director” or “Additional Director” or “Joint Director” means a Director or Additional Director or Joint Director as the case may be, appointed under sub-section (1) of section 49; “financial institution” means a financial institution as defined in clause (¢) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and inchides a chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company; “housing finance institution” shall have the meaning as assigned to it in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987); “intermediary” means a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issuc, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities market and registered under section 12 of the Securities and Exchange Board of India Act, 1992 (1S of 1992); 9 CH. 1- PRELIMINARY S.2 (0) “Member” means a Member of the Appellate Tribunal and includes the Chairperson; (p) “Money-laundering” has the meaning assigned to it in section 3; (q) “non-banking financial company” shall have the same meaning as assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934); (7) “notification” means a notification published in the Official Gazette; (s) “person” includes— (dan individual, (i) a Hindu undivided family, (tii) a company, (ix) a firm, ( an association of persons or a body of individuals, whether incorporated or not, (vd every artificial juridical person, not falling within any of the preceding sub-clauses, and (vid) any agency, office or branch owned or controlled by any of the above persons mentioned in the preceding sub-clauses; “prescribed” means prescribed by rules made under this Act; “proceeds of crime” means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property; “property” means any property or assets of every description, whether corporeal or incorporeal, movable or immovable, tangible or intangible and includes deeds and instruments evidencing title to, or interest in, such property or assets, wherever located; (ui ) (10) “records” include the records maintained in the form of books or stored in a computer or such other form as may be prescribed; (x) “Schedule” means the Schedule to this Act; & “scheduled offence” means— (2) the offences specified under Part A of the Schedule; or (i) the offences specified under Part B of the Schedule if the total value involved in such offence is thirty lakh rupees or more, (2) “Special Court” means a Court of Session designated as Special Court under sub-section (1) of section 43; S.5 PREVENTION OF MONEY-LAUNDERING ACT, 2002 2.10 (ca) “transfer” includes sale, purchase, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession or lien; (

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