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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2019 Chapters List Part XIII AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002 This

Clause 188 - Amendment of section 12A. - FINANCE (No. 2) BILL, 2019

FINANCE (No. 2) BILL, 2019
Part XIII
AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002
  • Contents

Amendment of section 12A.

188. In section 12A of the principal Act, in sub-section (1), for the words, brackets and figures “sub-section (1) of section 12”, the words, figures, letters and brackets “section 11A, sub-section (1) of section 12, sub-section (1) of section 12AA” shall be substituted .

 



 

Notes on Clauses:

Clauses 187 to 192 of the Bill seek to amend certain provisions of the Prevention of Money-Laundering Act, 2002.

It is proposed to amend sub-clause (i) of clause (n) of sub-section (I) of section 2, to meet out the difficulties being faced out by the Securities and Exchange Board of India.

It is further proposed to amend sub-clause (ii) of clause (sa) of sub-section (I) of section 2, to meet out the difficulties being faced out by the Financial Intelligence Unit, India.

It is also proposed to amend section 12A so as to provide the reference of newly inserted section 12AA therein.

It is also proposed to insert a section 12AA of the said Act so as to provide for the provisions for enhance due diligence.

It is also proposed to amend section 15 of the said Act so as to provide the reference of newly inserted section 12AA therein.

It is also proposed to insert Section 72A to allow power to Central Government to constitute Inter Ministerial Co-ordination Committee that is responsible for coordination and cooperation across all relevant/competent authorities on implementation of Financial Action Task Force standards. This is required for effective implementation of Financial Action Task Force standards Recommendations and to draw, coordinate, monitor and review the Anti Money Laundering or Countering Financing of Terrorism policies or activities and their implementation to strengthen Anti Money Laundering or Countering Financing of Terrorism framework in line with Financial Action Task Force standards.

It is also proposed to amend section 73 of the Act so as to provide certain rule making provisions.

 
 
 
 

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