Treatise on PMLA (Prevention of Money Laundering Act, 2002) Law & Practice (Set of 2 Volumes)
- Year of Publication: 2023
- ISBN: 978-93-94163-84-3
- No.of Pages: 2378
The Prevention of Money Laundering Act, 2002 (PMLA) is a crucial piece of legislation enacted by the Parliament of India to prevent money-laundering and confiscate property acquired from money-laundering. The PMLA came into effect on 1st July, 2005 with the primary objective of preventing money- laundering, providing for confiscation of property derived from or involved in money laundering, and punishing those engaged in the commission of the offence of money-laundering.
Since its enactment, the PMLA has been amended several times, in 2005, 2009, 2012, and most recently in 2019 through the Finance (No. 2) Act, 2019. These amendments have introduced new concepts and made changes to existing provisions. For instance, the 2019 amendment added the concept of ‘reporting entity’ which includes a banking company, financial institution, intermediary, etc. The amendment also removed the upper limit of the fine that can be levied under PMLA, 2002. It provided for provisional attachment and confiscation of property of any person involved in such activities. Moreover, the scope and ambit of the Act have also been enhanced by refining the definition of the offence of money-laundering by Finance (No. 2) Act, 2019 making it more stringent by including indirect attempt to indulge in activities such as concealing, possession, acquisition, use, projecting or even claiming proceeds of crime as untainted property as punishable offence under the Act.
While these amendments have aimed to strengthen the PMLA and make it more effective in curbing money laundering, some may argue that they have also made the subject more complex. For example, the conundrum surrounding the twin conditions under Section 45(1) created many diverse opinions between law practitioners as well as the judiciary. The Supreme Court in Nikesh Tarachand Shah v. Union of India declared that Section 45(1) of the Prevention of Money- Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India.
Similarly, many changes in the provisions relating to attachment, investigations, arrest and bail were introduced by the legislature in PMLA and interpreted by the courts across India. The introduction of new concepts and changes to existing provisions requires legal professionals and others to constantly update their knowledge and understanding of the PMLA. There are very limited sources/commentaries available with respect to the provisions of PMLA. Even Government websites have not updated changes in Rules and have only uploaded published gazettes on their websites.
This book aims to compile all information related to case-laws, rules, notifications and concepts of law at one place for assisting legal professionals. It provides a comprehensive overview of PMLA and its amendments over time while also discussing key cases and their implications on the interpretation and application of PMLA. This book serves as an invaluable resource for legal professionals seeking to deepen their understanding of PMLA.
Akhilesh Sheshmani Dubey is a distinguished legal practitioner and author. He completed his LL.B from Mumbai University and went on to pursue Master of Laws from the University of London, specialising in International Dispute Resolution. He is admitted as a Solicitor to the Supreme Court of England and Wales and also a member of the Law Society of England and Wales.
Following his legal studies, Akhilesh Dubey began practicing at the Bombay High Court in 2004 and has been actively involved in the legal profession ever since. During his practice, he has worked on a wide range of cases involving commercial law, labour laws, service matters, public interest litigation, human rights law, civil and criminal litigations, among others. He also assisted D.P. Tripathi, Member of Parliament, Rajya Sabha in preparing research for Parliamentary debates on Judicial Reforms. In addition to his legal practice, Akhilesh Dubey is also an accomplished author. He has written articles on legal topics that have been published by reputed publications. He also writes legal articles for prominent newspapers. During his legal practice, Mr. Akhilesh Dubey has represented some of the biggest corporate houses and families. He has innumerable reported judgments of Bombay High Courts to his credit. Akhilesh Dubey’s extensive knowledge and experience in the field of law make him a valuable asset to the legal community. His contributions to the field through his practice and writings are highly regarded by his peers and colleagues.
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5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
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- Year of Publication: 2023
- ISBN: 978-93-94163-84-3
- No.of Pages: 2378
The Prevention of Money Laundering Act, 2002 (PMLA) is a crucial piece of legislation enacted by the Parliament of India to prevent money-laundering and confiscate property acquired from money-laundering. The PMLA came into effect on 1st July, 2005 with the primary objective of preventing money- laundering, providing for confiscation of property derived from or involved in money laundering, and punishing those engaged in the commission of the offence of money-laundering.
Since its enactment, the PMLA has been amended several times, in 2005, 2009, 2012, and most recently in 2019 through the Finance (No. 2) Act, 2019. These amendments have introduced new concepts and made changes to existing provisions. For instance, the 2019 amendment added the concept of ‘reporting entity’ which includes a banking company, financial institution, intermediary, etc. The amendment also removed the upper limit of the fine that can be levied under PMLA, 2002. It provided for provisional attachment and confiscation of property of any person involved in such activities. Moreover, the scope and ambit of the Act have also been enhanced by refining the definition of the offence of money-laundering by Finance (No. 2) Act, 2019 making it more stringent by including indirect attempt to indulge in activities such as concealing, possession, acquisition, use, projecting or even claiming proceeds of crime as untainted property as punishable offence under the Act.
While these amendments have aimed to strengthen the PMLA and make it more effective in curbing money laundering, some may argue that they have also made the subject more complex. For example, the conundrum surrounding the twin conditions under Section 45(1) created many diverse opinions between law practitioners as well as the judiciary. The Supreme Court in Nikesh Tarachand Shah v. Union of India declared that Section 45(1) of the Prevention of Money- Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India.
Similarly, many changes in the provisions relating to attachment, investigations, arrest and bail were introduced by the legislature in PMLA and interpreted by the courts across India. The introduction of new concepts and changes to existing provisions requires legal professionals and others to constantly update their knowledge and understanding of the PMLA. There are very limited sources/commentaries available with respect to the provisions of PMLA. Even Government websites have not updated changes in Rules and have only uploaded published gazettes on their websites.
This book aims to compile all information related to case-laws, rules, notifications and concepts of law at one place for assisting legal professionals. It provides a comprehensive overview of PMLA and its amendments over time while also discussing key cases and their implications on the interpretation and application of PMLA. This book serves as an invaluable resource for legal professionals seeking to deepen their understanding of PMLA.
Akhilesh Sheshmani Dubey is a distinguished legal practitioner and author. He completed his LL.B from Mumbai University and went on to pursue Master of Laws from the University of London, specialising in International Dispute Resolution. He is admitted as a Solicitor to the Supreme Court of England and Wales and also a member of the Law Society of England and Wales.
Following his legal studies, Akhilesh Dubey began practicing at the Bombay High Court in 2004 and has been actively involved in the legal profession ever since. During his practice, he has worked on a wide range of cases involving commercial law, labour laws, service matters, public interest litigation, human rights law, civil and criminal litigations, among others. He also assisted D.P. Tripathi, Member of Parliament, Rajya Sabha in preparing research for Parliamentary debates on Judicial Reforms. In addition to his legal practice, Akhilesh Dubey is also an accomplished author. He has written articles on legal topics that have been published by reputed publications. He also writes legal articles for prominent newspapers. During his legal practice, Mr. Akhilesh Dubey has represented some of the biggest corporate houses and families. He has innumerable reported judgments of Bombay High Courts to his credit. Akhilesh Dubey’s extensive knowledge and experience in the field of law make him a valuable asset to the legal community. His contributions to the field through his practice and writings are highly regarded by his peers and colleagues.
About Taxsutra:
Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.
Taxsutra suite of portals :
1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt)
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law
6. Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)
About Bharat Law House Pvt Ltd
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
