Black money crackdown: Govt proposes key amendments to PMLA in Budget 2018

Allow confiscation of overseas property, restitution of proceeds of crime

Probe agencies can take action on properties held overseas by money launderers equivalent to the “proceeds of crime” committed, according to a proposal of the Union Budget 2018.

The Budget has proposed tightening the Prevention of Money Laundering Act, 2002, by bringing in provisions to that effect. So far, the government could act on properties within the country. To add teeth to the provisions under the Act, the Finance Bill 2018 proposes to include corporate frauds as scheduled offences, enabling the Registrar of Companies to report such cases to enforcement agencies.

Relief for victims

The new provision will allow distributing confiscated properties generated