Page 6 - Pmla

Finance Ministry tightens definition of 'beneficial owners' under PMLA

The Finance Ministry has tightened the definition of beneficial owners under the anti-money laundering law, mandating reporting entities like banks and crypto platforms to collect information from their clients. As per the amendments to the Prevention of Money Laundering Rules, any individual or group holding 10 per cent ownership in the client of a 'reporting entity' will now be considered a beneficial owner as against the ownership threshold of 25 per cent applicable earlier. The amended rules were notified on March 7 by the Finance Ministry. Under the anti-money laundering law, 'reporting entities' are banks and financial institutions, firms engaged in real estate and jewellery sectors. They also include intermediaries in casinos and crypto or virtual digital assets. So far, these entities were required to maintain KYC details or records of documents evidencing the identity of their clients as well as account files and business correspondence relating to clients. They are requir

Crypto under PMLA: Industry gives thumbs up, expects higher investor faith

Cryptocurrency news: On Tuesday, the Centre issued a notification to bring VDAs under the ambit of anti-money laundering law in India

Cryptocurrency under PMLA: What changes for those investing in VDAs now?

Cryptocurrency news: If found guilty under PMLA, the person who committed money laundering can be awarded rigorous imprisonment for a minimum of three years up to seven years, with a fine

Top headlines: India faces high power cut risks, Apple to focus on India

Business Standard brings you the top headlines at this hour

Centre brings crypto assets under PMLA, wrongdoing can be probed by ED

India, as G20 president, is looking to drive the narrative on dangers of cryptos

State scan: Big scam involving small politicians in Chhattisgarh

The issue has not posed a political challenge for Chief Minister Bhupesh Baghel or the Congress

Story in numbers: PMLA registrations up four-fold, higher than a decade ago

According to the Enforcement Directorate (ED) data on PMLA, 5,422 cases are under investigation, 400 have been arrested and 25 convicted until March 31, 2022

ED attaches assets worth over Rs 205 cr of Chennai-based firm in PMLA case

The ED on Monday said it has attached assets worth more than Rs 205 crore of a Chennai-based chemicals manufacturing company and its promoters, days after the Madras High Court refused to entertain the firm's plea against the action initiated by the federal probe agency. The agency issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach the properties of MGM Maran, MGM Anand and their company Southern Agrifurane Industries Private Limited, it said in a statement. The total worth of the attached assets is Rs 205.36 crore. The probe against Maran, a former chairman of Tamilnad Mercantile Bank Limited (TMBL) during 2007, was initially launched by the Chennai Police's central crime branch following which the Enforcement Directorate (ED) registered a criminal case under sections of the PMLA. The police case was lodged on the basis of of a complaint from a private bank. Maran, along with other directors and officials of the TMBL, "facilitated a deal for t

ED attaches Rs 907 crore worth assets of crypto exchanges under PMLA

The Enforcement Directorate has attached proceeds of crime worth Rs 907 crore and arrested three persons in cases related to money laundering by crypto exchanges, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said Central GST officers have detected Goods and Services Tax (GST) evasion worth Rs 87.60 crore by 12 crypto exchanges. Recovery of Rs 110.97 crore, including interest and penalty, has been made. The minister said further investigation is under process in eight cases and four cases are closed on payment of tax along with interest and penalty. Further, in case of crypto exchange Zanmai Labs Pvt Ltd, known as WazirX, assets worth Rs 289.68 crore have been seized from the exchange and its Directors for violation of the provisions of the foreign exchange management act (FEMA), Chaudhary said. In a written reply to a question in the Lok Sabha, the minister said the Directorate of Enforcement is investigating several cases related to crypto .

ED files chargesheet against two firms, several individuals in PMLA case

The Enforcement Directorate has filed a chargesheet at a special Bengaluru court against several individuals and two firms for allegedly cheating the people by collecting around Rs 200 crore from them

ED cases against opposition candidates up four-fold under NDA government

Out of the total 121 cases against politicians under Enforcement Directorate (ED) probe currently, 115 or 95 per cent are against Opposition leaders

ED inquiry on CoinSwitch not linked to money laundering under PMLA: CEO

"Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he said in a tweet thread.

Supreme Court set to review PMLA verdict, reconsider two provisions

The court said it would re-examine two provisions of the Prevention of Money Laundering Act (PMLA)

What is PMLA Act? Money laundering, law statement and objectives

What is the Prevention of Money Laundering act and how does it affect a nation? Read this article to understand money laundering, the PMLA act, objectives of the PMLA act, FATF and everything

SC to review two key points in PMLA verdict, issues notice to Centre

The Supreme Court on Thursday agreed to examine a plea seeking a review of the PMLA verdict which upheld the Enforcement Directorate's powers, including those relating to arrest, and sought response from the Centre on the issue. A bench headed by Chief Justice N V Ramana said prima facie two issues, including not providing Enforcement Case Information Report (ECIR), requires reconsideration. The top court on Wednesday had allowed an application of Congress MP Karti Chidambaram seeking an open court hearing of his petition to review the top court's last month's verdict upholding the sweeping powers of the ED relating to arrest, investigation, and attachment of property under the PMLA Act. In its July 27 verdict, the apex court has said that the direction under Section 8(4) for taking possession of the property in question before a formal order of confiscation is passed should be an exception and not a rule. Section 8(4) allows the ED to take possession of the attached property at th

Latest LIVE: SC to review 2 points in PMLA verdict, issues notice to Centre

From Supreme Court's hearing on review plea of PMLA, remission order of Bilkis Bano convicts, to latest Covid and Russia-Ukraine war updates, catch all the latest news here

Bilkis Bano matter, Pegasus panel report, PMLA verdict review in SC today

The Supreme Court will hear a joint petition filed by former MP Subhashini Ali, journalist Revati Laul, and Prof. Roop Rekha Verma against the Gujarat government's decision in Bilkis Bano case

SC allows hearing of review plea by Karti Chidambaram against PMLA judgment

According to Chidambaram, the judgment deserves to be reviewed on grounds of grave error and being contradictory to earlier judgments and provisions of the Constitution.

ED files money laundering case against Manish Sisodia under PMLA

The ED will probe if there were alleged irregularities in the formulation and execution of the Delhi Excise Policy unveiled in November last year

Oppn expresses 'deep apprehension' over SC upholding PMLA amendments

Expresses hope this 'dangerous verdict is short-lived'