Page 5 - Pmla

CA, company secys fret over increased compliance burden under new PMLA

Transactions carried out by practising CAs, CSes, and CMAs on behalf of their clients under the scope of PMLA

Extending liability

New PMLA rules will help curb black money

CAs, CSes concerned about new tweaks in anti-money laundering law

A major concern for the professionals is that if their clients are up to some mischief behind their backs, they would also be charged under the PMLA

Top headlines: Double digit growth for Apple India, new PMLA rules & more

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CA, CS handling client money in PMLA ambit; FinMin notifies rules

Aim is to curb fraudulent practices

'Unbridled' powers to ED: Chhattisgarh govt moves SC against PMLA

It has requested the Supreme Court to intervene using its powers granted by the Constitution's Article 131 which allows it to decide on inter-state or Centre-state disputes

PNB scam: PMLA court grants bail to Nirav Modi's close aide 'Subash Parab'

A special PMLA court here on Tuesday granted bail to Subash Parab, a close aide of fugitive diamond merchant Nirav Modi, in the multi-crore Punjab National Bank (PNB) scam case. Parab was a deputy general manager (finance) at Firestar Diamond, a firm owned by Modi, and was deported to India from Cairo in Egypt in April 2022. Special PMLA judge S M Menjonge allowed the Parab's bail plea, citing that it appeared from the bail application that the accused was not beneficiary of the proceeds of crime. Modi and his uncle Mehul Choksi are accused of duping PNB, a public sector bank, of Rs 13,000 crore using letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing its officials at the Brady House branch in Mumbai. Parab is understood to be a key witness to the letters of undertaking submitted to the bank to siphon off more than Rs 7,000 crore. India had issued an Interpol Red Notice against Parab to track him down and bring him back. In February, he was granted bail

ED arrested 374 people in 5 years, directors of companies among them: Govt

The Enforcement Directorate (ED) arrested 374 people, including directors of corporate firms, in the last five years under the anti-money laundering law, the government informed Parliament on Monday. Minister of State for Finance Pankaj Chaudhary, in a written reply to a question in the Lok Sabha, said that in major cases of "corporate fraud" like those against the Sterling Biotech group, a Vadodara-based company promoted by the Sandesara brothers, Vijay Mallya, Nirav Modi and Mehul Choksi, the ED has attached properties worth Rs 33,862.20 crore. The ED is a federal probe agency entrusted to implement the criminal sections of the Prevention of Money Laundering Act (PMLA). "Out of these, assets worth Rs 15,113.02 crore have been confiscated and restituted to the public sector banks." "Further, the consortium of banks led by SBI has realised Rs 7,975.27 crore by sale of assets handed over to them by the Directorate of Enforcement," the minister stated. He was responding to a questio

1,064 prosecution complaints pending for completion of trial under PMLA

The government also clarified that all the posts of the chairperson and other members of the Appellate Authority under the PMLA are filled-up

Crypto exchange WazirX blocked 2,431 accounts between Oct 2022-March 2023

WazirX received 431 requests from law enforcement agencies, against a total transaction volume of $390 million during the above-mentioned period

Crypto wrap: Opposite to global sentiments, crypto market jumps big

Cryptocurrency news: According to some experts, however, despite the bull run, the investors must remain cautious

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

Comprehensive approach

India needs legislation on cryptos

Only 3% PMLA cases have been against politicians: Enforcement Directorate

Probe agency registered 5,906 cases under the criminal from 2005 till Jan 2023, its data shows

As PMLA tightens grip on crypto, here's how other nations regulate VDAs

As India strengthens the regulatory framework over the cryptocurrency sector, here is a list of countries that have taken a shot at addressing this complex issue

FPIs seek six more months from FinMin to comply with PMLA tweaks

To make a representation to FinMin for relief

Government amends anti-money laundering rules, brings PEP under PMLA

The government has amended rules under the anti-money law, making it mandatory for banks and financial institutions to record financial transactions of politically exposed persons (PEP). Also, financial institutions or reporting agencies will be required to collect information about the financial transactions of non-profit organisations or NGOs under the provisions of the Prevention of Money Laundering Act (PMLA). Under the modified PML Rules, the Finance Ministry defined PEPs as "individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials". The financial institutions will also have to register details of their NGO clients on the Darpan portal of the Niti Aayog and maintain the record for five years after the business relationship between a client and a

Top headlines: Feb fuel demand hits 24-yr high, NPOs face PMLA regulations

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Politically exposed persons, NPOs face tighter PMLA regulations

Reporting cap for beneficial owners lowered to 10%

'A step back': Tightened regulatory norms put crypto investors in a spot

Players from the crypto ecosystem believe at least this will create common standards, which in turn will make crypto assets much safer