Money Laundering, PMLA, 2002 and the Effect of Amendments

Money Laundering, PMLA, 2002 and the Effect of Amendments

PMLA, 2002 was amended through an Amendment Act, 2012 which was published in the Gazette on 4 January 2013. This Amendment was also notified by then UPA-regime.

PMLA, 2002 was earlier amended in the year 2009 also under the then UPA-regime.

The PML (Amendment) Act of 2012 which was published in the year 2013 amended S.3 of PMLA. Phrase "proceeds of crime including its concealment, possession, acquisition, or use and projecting or claiming" was incorporated in S.3 of PMLA.

S.30 of PML (Amendment) Act of 2012 amended the Schedule of PMLA. Part A of Schedule included S.420, S.120B, S.467, S.471 of IPC. Kindly note that S.467 of IPC was part of Schedule of PMLA, 2002 since the initial enactment of PMLA. 

S.2 (fa) was added to PMLA by PML (Amendment) Act of 2012 to define "beneficial owner".

S.24 of PMLA was also amended through PML (Amendment) Act of 2012 ; S.24 (a) was for offences and used shall presume whereas S.24 (b) was for any other person and used the phrase "may presume". 

S.44 dealt with trial of scheduled offence ; S.44 (iii)(c) deals with applications filed by the Authority. S.44 was also amended by PML (Amendment) Act of 2012.