Prevention of Money laundering (Amendment) Act-2012

Prevention of Money laundering Act (PMLA) was enacted in 2002, but was amended thrice, first in 2005, then in 2009 and then 2012. The 2012 version of the amendment received president’s assent on January 3, 2013 and the law became operational from February 15 on the notification of finance ministry.

Amendments

  • The PMLA (Amendment) Act, 2012 has enlarged the definition of money laundering by including activities such as Concealment, acquisition, possession and use of proceeds of crime as criminal activities.
  • Money laundering offences, big or small, will now be taken up for investigation. Till last month, laundering money by violating 24 such acts was considered a crime ( under PMLA only when the proceeds of crime used to be Rs.30 lakhs and more).

Penalty

  • Rigorous imprisonment of at least 3 years and up to 7 years
  • No upper limit on Fines (earlier it was up to Rs 5 Lakh)

 

 

Delhi salaries on Glassdoor | More details for Delhi jobs | www.glassdoor.co.in
Mumbai salaries on Glassdoor | More details for Mumbai jobs | www.glassdoor.co.in