PART IX
AMENDMENT TO THE PREVENTION OFMONEY-LAUNDERING ACT, 2002
Amendment of Act 15 of 2003
229. In the Prevention of Money-laundering Act, 2002 with effect from the 1st day of June, 2016,––
(a) in section 2, in sub-section (1), in clause (b), for the words “established under”, the words “referred to in” shall be substituted;
(b) for section 25, the following section shall be substituted, namely:––
Appellate Tribunal
“25. The Appellate Tribunal constituted under sub-section (1) of section 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (13 of 1976) shall be the Appellate Tribunal for hearing appeals against the orders of the Adjudicating Authority and the other authorities under this Act.”;
(c) sections 27, 28, 30, 31, 32, 33 and 34 shall be omitted;
(d) in sections 36, 37, 38 and 40, for the word “Chairperson” wherever it occurs, the word “Chairman” shall be substituted;
(e) in section 73, in sub-section (2), clauses (s) and (t) shall be omitted.
Notes on Clauses:
Clause 229 seeks to amend the prevention of Money- Laundering Act, 2002. It is proposed to amend the aforesaid Act so as to confer powers upon the Appellate Tribunal established under the said Act to hear appeals against orders made under the Narcotic Drugs and Psychotropic Substances Act, 1985 and the Prevention of Money-laundering Act, 2002 and certain consequential amendments.
