ARTICLE
9 February 2024

PMLA & Recent Notifications Involving CA, CS & ICWA Etc. Under The Prevention Of Money Laundering Act, 2022

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Vaish Associates Advocates

Contributor

Established in 1971, Vaish Associates, Advocates is one of the best-known full-service law firms in India. Since its inception, it continues to serve a diverse clientele, including domestic and overseas corporations, multinational companies and individuals. Presently, the Firm has its operations in Delhi, Mumbai and Bengaluru.
PMLA & Recent Notifications Involving CA, CS & ICWA Etc. Under The Prevention Of Money Laundering Act, 2022
India Government, Public Sector
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Article by Vijay Pal Dalmia, Advocate
Supreme Court of India & Delhi High Court
Senior Partner Vaish Associates Advocates
Email id: vpdalmia@vaishlaw.com
Mobile No.: +91 9810081079
Linkedin: https://www.linkedin.com/in/vpdalmia/
Facebook: https://www.facebook.com/vpdalmia
Twitter: @vpdalmia

Section 3 of PMLA: Offence of MONEY LAUNDERING

  • Whosoever
    • directly or
    • indirectly
      • attempts to indulge or
      • knowingly assists or
      • knowingly is a party or
      • is actually involved in any process or
      • activity connected
    • with the proceeds of crime including
      1. its concealment,
      2. possession,
      3. acquisition or
      4. use and
        1. projecting or
        2. claiming it as untainted property
  • shall be guilty of offence of money laundering.

Explanation to offence of Money Laundering

  • For the removal of doubts, it is hereby clarified that
    1. a person shall be guilty of offence of money laundering if such person is found to have
      • directly or indirectly attempted to indulge or
      • knowingly assisted or
      • knowingly is a party or
      • is actually involved in one or more of the following processes or activities
      • connected with proceeds of crime, namely:--
        1. concealment; or
        2. possession; or
        3. acquisition; or
        4. use; or
        5. projecting as untainted property; or
        6. claiming as untainted property, in any manner whatsoever;
    2. the process or activity connected with proceeds of crime is a
      • continuing activity and
      • continues till such time a person is
        • directly or
        • indirectly
      • enjoying the proceeds of crime by its
        • concealment or
        • possession or
        • acquisition or
        • use or
        • projecting it as untainted property or
        • claiming it as untainted property in any manner whatsoever.
  • The expression "money laundering ", ordinarily, means
  • the process or activity of
    • placement,
    • layering and
    • finally integrating
  • the tainted property in the formal economy of the country.
  • Money Laundering is not limited to the happening of the final act of integration of tainted property in the formal economy to constitute an act of money laundering.

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ARTICLE
9 February 2024

PMLA & Recent Notifications Involving CA, CS & ICWA Etc. Under The Prevention Of Money Laundering Act, 2022

India Government, Public Sector

Contributor

Established in 1971, Vaish Associates, Advocates is one of the best-known full-service law firms in India. Since its inception, it continues to serve a diverse clientele, including domestic and overseas corporations, multinational companies and individuals. Presently, the Firm has its operations in Delhi, Mumbai and Bengaluru.
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