Key Points
India has widened the ambit of anti-money laundering law by bringing in new reporting entities, and changed the way financial transactions are recorded, giving more powers to authorities as it prepares for a review by Financial Action Task Force (FATF) in November..
Enforcement Directorate given more powersAgency empowered to carry out search, seizure without notice Imprisonment up to seven years Power to impose fine without upper limit Can seize and attach properties, including virtual currencies . ...TO ADMINISTER EXPANDED PMLA REGIME..
Chartered accountants, company secretaries, cost work accountants Directors, secretaries of cos, partners of firms Intermediaries in casinos and crypto or virtual digital assets Trustees of express trusts, nominee shareholders People arranging addresses, trustees for businesses Individuals helping in formation of a company..
FATF to review Indias anti money laundering framework Review of compliance as per 40 FATF recommendationsLast FATF peer review was carried out in 2010Review to be discussed at FATF June 24 meet..
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