Definition of “payment system” in PSS Act and PMLA are standalone and should not be linked: In light of PayPal’s argument that it is not considered a “payment system” operator under the ...

Non-profit organisations (NPOs) will now face intense scrutiny under the Prevention of Money Laundering Act (PMLA) as the Finance Ministry has now brought two key changes in rules related to ...

The definition of a non-profit organisation has been amended and linked to the definition of charitable purpose provided under Section 2 (15) of the Income Tax Act, 1961. "The newly extended ...

The government has moved the amendments to the Prevention of Money-laundering Act, ... The definition of “proceeds of crime” in PMLA was amended in 2015 to include “property equivalent held ...

The amendment brings the PMLA in conformity with the Companies Act and all other rules on defining beneficial ownership with 10% shareholding. Earlier, under PMLA, beneficial ownership was ...

Also, the ministry modified the definition of ownership in virtual assets. ... and others, will be subjected to the Prevention of Money Laundering Act of 2022 (PMLA).

Govt tightens PMLA rules, fine-tunes definition of reporting entity. Changes bring more power to agency, widen scope of individuals under ambit of Act. New rules require disclosure of status of ...

Despite several amendments, the Prevention of Money Laundering Act (PMLA) remains a predicate-offence-oriented law. ... read with the definition of ‘property’ in Section 2(1)(v) ...

The Finance Act of 2015 added Clause 8 to Section 8 of the PMLA, allowing the Special Court to restore confiscated property to claimants with a legitimate interest. The 2018 amendment further ...

The Supreme Court has agreed to reconsider its judgement on the Prevention of Money Laundering Act (PMLA), 2002. The top court said issues like not providing the Enforcement Case Information ...