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BUDGETARY CHANGES IN PREVENTION OF MONEY LAUNDERING ACT, 2002

Budget - By: - Mr. M. GOVINDARAJAN - Dated:- 6-2-2018 - Introduction The Prevention of Money Laundering Act, 2002 ( Act for short) was enacted and the provisions of the said Act came into force from 01.07.2005. The objective of the Act is to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and to punish those who commit the offence of money laundering. The Act was amended by the Prevention of Money Laundering (Amendment) Act 2009 .....

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ay by notification in the Official Gazette, appoint. Proceeds of crime Section 2 of the Act provides various definitions of terms and expressions of certain words. Section 2(u) of the Act defines the expression proceeds of crime which is proposed to be amended. The amended definition will provide that any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property or where such property is .....

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of 180 days from the date of order. Section 5(1) has two provisos. Clause 205 (b) proposes to insert a third proviso to this section which provides that for the purposes of computing the period of 180 days, the period during which the proceedings under this section is stayed by the High Court, shall be excluded and a further not exceeding thirty days from the date of order of vacation of such stay order shall be counted. Section 5(3) of the Act provides that every order of attachment made under .....

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ion (2) . Clause 204(b)(ii) of the Bill also proposes to insert in sub-section (3), in clause (a), after the words continue during the words investigation for a period not exceeding ninety days . After the amendment section 8(2) will read as follows- 8(3) Where the Adjudicating Authority decides under sub-section (2) that any property is involved in money-laundering, he shall, by an order in writing, confirm the attachment of the property made under sub-section (1) of section 5 or retention of p .....

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y be; and (b) become final after an order of confiscation is passed under sub-section (5) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60 by the Special Court. Restoration of confiscated of property Section 8(8) of the Act provides that where a property stands confiscated to the Central Government under sub-section (5), the Special Court, in such manner as may be prescribed, may also direct the Central Government to restore such confiscated property or part there .....

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iso after the first proviso to Section 8(8) which provides that the Special Court may, if it thinks fit, consider the claim of the claimant for the purposes of restoration of such properties during the trial of the case in such manner as may be prescribed. Power to arrest Section 19 (1) of the Act gives powers to the Director, the Deputy Director, Assistant Director or any other officer authorized in this behalf by the Government by general or special order attest such person involving in the of .....

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ndment the section 19(3) will provide that every person arrested under sub-section (1) shall, within twenty-four hours, be taken to a Special Court or a Judicial Magistrate or a Metropolitan Magistrate, as the case may be, having jurisdiction. Provided that the period of twenty-four hours shall exclude the time necessary for the journey from the place of arrest to the Special Court or Magistrate's Court. Offences to be cognizable and non-bailable Section 45 of the Act provides that the offen .....

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hable for a term of imprisonment of more than three years under Part A of the Schedule . The said amendment has been proposed in consequence of the Supreme Court order in Nikesh Tarachand Shah V. Union of India and another - 2017 (11) TMI 1336 - Supreme Court of India in which the Supreme Court held that section 45 of the Act is violative of the Constitutional provisions. Release on bail on special cases The proviso to section 45(1) of the Act provides that a person, who, is under the age of six .....

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