These rules shall be known and cited as the revised implementing rules and regulations of republic act no. This act amends the money laundering prohibition act, no. The provisions of the act shall apply in relation to a a person who commits an offence under the provisions of this act whilst being resident in sri lanka. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means. Provided that where the proceeds of crime involved in moneylaundering relates to any offence specified. The prevention of money laundering amendment act, 2005. Being an act to provide for the criminalization of money laundering and financing of terrorism, the establishment of structures to implement this and for other related matters. Act, 2012, which has come into force with effect from 15th february. The prevention of money laundering act, 2002 pmla was brought into force with.
Money laundering prohibition amendment act, 2012 arrangement of sections section. Dhaka, 20 february, 2012 08 falgun, 1418 the following act of parliament received the assent of the president on 20 february, 2012 08 falgun, 1418 and is hereby published for general information. An act to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering and for matters connected therewith or incidental thereto. Dec 06, 20 prevention of money laundering act, 2002 slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. On 24 nov 2017, in a ruling in favour of citizens liberty, the supreme court has set aside a clause in the prevention of money laundering act, which made it virtually impossible for a person convicted to more than three years in jail to get bail if the public prosecutor opposed it. The act was amended in the year 2005, 2009 and 2012. Thank you for reading this post, if you have found it useful please share with your network using one of the share buttons below. This law may be cited as the prevention and suppression of money. India will have to make money laundering an explicitly standalone offence to upgrade its compliance ahead of the onsite mutual evaluation by the financial action task. Money laundering prevention act, 2012 antiterrorism act, 2009.
Duty to report international transfer of funds and securities. Bangladesh government on october 11, 2015 through an ordinance, amended the money laundering prevention act 2012. In 2012, government again replace it with the money laundering prevention act, 2012. Acts xxxi of 2001, iii of 2002, and iii and xiii of 2004. Prevention of moneylaundering amendment act, 2009, w. Procedures for preventing money laundering and terrorist financing. This act may be cited as the antimoney laundering act, 2006 short title. Objective of the act the pml act seeks to combat money laundering in india and has three main objectives. Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. This act may be cited as the anti money laundering amendment act, 2012 and shall be read as one with the anti money laundering act, hereinafter referred to asthe principal act. Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent moneylaundering and to provide for confiscation of property derived from moneylaundering. You may find out more about the provisions of this law here money laundering amendment act 2012. Pmla resulting from the prevention of money laundering amendment. Money laundering prevention act, 2012 bangla english.
The financial intelligence centre act also sets up a regulatory antimoney laundering regime, which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. Part 7 of the amlctf act obliges a reporting entity. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. Laundering amendment act, 2012 and shall be read as one with the antimoney laundering act, hereinafter referred to. Prohibition and prevention of money laundering amendment. The antimoney laundering amendment act, 2012 tanzania. Enacted by the national assembly of the federal republic of nigeria. This act may be cited as the money laundering prevention act. Subsequently, the ordinance was repealed by the money laundering prevention act, 2009. The prevention of money laundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003. The prevention of money laundering act enforcement directorate. Information about the act, its objectives, short title and commencement is given.
Prevention of money laundering act, 2002 wikipedia. This act may be cited as the antimoney laundering amendment act, 2012 and shall be read as one with the antimoney laundering act, hereinafter referred to asthe principal act. Money laundering prevention act,2012 antiterrorism act, 2009. Pmla and the rules notified there under came into force with effect from july 1, 2005. Antimoney laundering and counterterrorism financing. Users can get information regarding the act, its objectives, short title and commencement. Designated director as per the requirement of prevention of money laundering act, 2002, a designated director will be appointed and informed to fiu. Amendment of the money laundering regulations 2007. The asian development bank and the organisation for economic cooperation and development do not guarantee the accuracy of this document and accept no responsibility whatsoever for any consequences of. Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. Money laundering prohjbltlon act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition \ct. Communities act 1972, make the following regulations. If you continue browsing the site, you agree to the use of cookies on this website. This act may be cited as the money laundering act, 2003.
By doing this the act aims to maintain the integrity of the financial system. Money laundering prohibition amendment act 2012 lawpadi. Users can get details on sections and amendments of the act. Part 7 of the proceeds of crime act 2002 creates the money laundering offences in the uk and requires the making of suspicious activity reports to the serious organised crime agency. The money laundering regulations 2007c are amended as follows. Money laundering prevention act, 2012 bangladesh customs. Prevention of money laundering act, 2002 2 adb oecd anticorruption initiative for asia pacific december 2007.
Proceeds of crime and anti money laundering act, act no. Jul, 2011 the financial intelligence centre act also sets up a regulatory anti money laundering regime, which is intended to break the cycle used by organised criminal groups to benefit from illegitimate profits. Prevention of money laundering act will need more changes. The antimoney laundering and combating of financing of. The act and rules notified there under impose obligation on banking companies, financial. Whereas the political declaration and global programme of action, annexed to. Antimoney laundering and counterterrorism financing rules. It came on the statute book as the prevention of money laundering act, 2002 15 of 2003. Prevention of moneylaundering amendment act 2012 complete act.
Money laundering prevention act,2012 bangla english. An act of parliament to provide for the offence of money laundering and to introduce measures for combating the offence, to provide for the. This act may be cited as the prevention of money laundering act, no. Proceeds of crime and antimoney laundering act, act no. Access the prevention of money laundering amendment act 2012 which includes amendments in the prevention of money laundering act 2002 is provided.
Master circular on amlcft anti money laundering aml standards combating the financing of terrorism cft obligations of securities market intermediaries under the prevention of money laundering act, 2002 and rules framed there under. Whoever commits the offence of moneylaundering shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to seven years and shall also be liable to fine which may extend to five lakh rupees. It came on the statute book as the prevention of moneylaundering act, 2002 15 of 2003. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. The prevention of moneylaundering amendment act, 2005. Pmla, 2002 the prevention of money laundering act pmla, 2002 was enacted in january, 2003. Fema rbi this part of pmla contains only introductory portion of the act, this article contained only 2 chapters. The first anti money laundering legislation in bangladesh was the money laundering prevention act, 2002.
Whereas it is expedient and necessary to reenact a law regarding the prevention of money laundering and other offences connected therewith. The overall scheme of this process returns the money to the launderer in an obscure and indirect way. By finance act, 2015 and 2016 proposed by finance bill, 2018. These regulations may be cited as the money laundering amendment regulations 2012 and come into force on 1st october 2012. The main objective of this act is the prevention of creation of black money, addressing tradebased money laundering, and controlling domestic and. Enacted by parliament of the united republic of tanzania. Doc money laundering prevention act 2012 evaluation and.
These regulations amend the money laundering regulations 2007 s. One problem of criminal activities is accounting for the proceeds without raising the suspicion of law. Prohibition and prevention of money laundering amendment act 2010. Amendment of the money laundering regulations 2007 2. To prevent money laundering, seize the property with authority, involved in money laundering administration. Prevention of moneylaundering act, 2002 bare acts law. The principal act is amended by repealing section 2 and substituting for itthe following provision. Nov 24, 2010 prohibition and prevention of money laundering amendment. It was replaced by the money laundering prevention ordinance 2008. An act to provide for the prevention of money laundering and for matters connected therewith or incidental thereto.
Mutual legal assistance on criminal matters act, 2012. Enacted by the president and members of parliament in this. This act may be cited as the money laundering prevention act 2000. Details about amendments and sections of the act are also available. An act to prevent moneylaundering and to provide for confiscation of property derived from, or involved in, moneylaundering and for matters connected therewith or incidental thereto. Prevention of money laundering amendment act year 2017. Money launderingis the process of transforming the proceeds of crime and corruption into apparently legitimate assets.
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