The Prevention of Money-Laundering Act, 2002

Preamble

THE PREVENTION OF MONEY-LAUNDERING ACT, 2002

ACT NO. 15 OF 2003

[17th January, 2003.] 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.

WHEREAS the Political Declaration and Global Programme of Action, annexed to the resolution S-17/2 was adopted by the General Assembly of the United Nations at its seventeenth special session on the twenty-third day of February, 1990;

AND WHEREAS the Political Declaration adopted by the Special Session of the United Nations General Assembly held on 8th to 10th June, 1998 calls upon the Member States to adopt national money-laundering legislation and programme;

AND WHEREAS it is considered necessary to implement the aforesaid resolution and the Declaration.

BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:--

Sections

Type to filter. 81 sections.

1. 1Short title, extent and commencement
2. 2Definitions
3. 3Offence of money-laundering
4. 4Punishment for money-laundering
5. 5Attachment of property involved in money-laundering
6. 6Adjudicating Authorities, composition, powers, etc
7. 7Staff of Adjudicating Authorities
8. 8Adjudication
9. 9Vesting of property in Central Government
10. 10Management of properties confiscated under this Chapter
11. 11Power regarding summons, production of documents and evidence, etc
12. 11AVerification of Identity by Reporting Entity
13. 12Reporting entity to maintain records
14. 12AAccess to information
15. 12AAEnhanced due diligence
16. 13Powers of Director to impose fine
17. 14No civil or criminal proceedings against reporting entity, its directors and employees in certain cases
18. 15Procedure and manner of furnishing information by reporting entities
19. 16Power of survey
20. 17Search and seizure
21. 18Search of persons
22. 19Power to arrest
23. 20Retention of property
24. 21Retention of records
25. 22Presumption as to records or property in certain cases
26. 23Presumption in inter-connected transactions
27. 24Burden of proof
28. 25Appellate Tribunal
29. 26Appeal to Appellate Tribunal
30. 27[Omitted.]
31. 28[Omitted.]
32. 29[Omitted.]
33. 30[Omitted.]
34. 31[Omitted.]
35. 32[Omitted.]
36. 33[Omitted.]
37. 34[Omitted.]
38. 35Procedure and powers of Appellate Tribunal
39. 36Distribution of business amongst Benches
40. 37Power of Chairperson to transfer cases
41. 38Decision to be by majority
42. 39Right of appellant to take assistance of authorised representative and of Government to appoint presenting officers
43. 40Members, etc., to be public servants
44. 41Civil court not to have jurisdiction
45. 42Appeal to High Court
46. 43Special Courts
47. 44Offences triable by Special Courts
48. 45Offences to be cognizable and non-bailable
49. 46Application of Code of Criminal Procedure, 1973 to proceedings before Special Court
50. 47Appeal and revision
51. 48Authorities under Act
52. 49Appointment and powers of authorities and other officers
53. 50Powers of authorities regarding summons, production of documents and to give evidence, etc
54. 51Jurisdiction of authorities
55. 52Power of Central Government to issue directions, etc
56. 53Empowerment of certain officers
57. 54Certain officers to assist in inquiry etc
58. 55Definitions
59. 56Agreements with foreign countries
60. 57Letter of request to a contracting State in certain cases
61. 58Assistance to a contracting State in certain cases
62. 58ASpecial Court to release the property
63. 58BLetter of request of a contracting State or authority for confiscation or release the property
64. 59Reciprocal arrangements for processes and assistance for transfer of accused persons
65. 60Attachment, seizure and confiscation, etc., of property in a contracting State or India
66. 61Procedure in respect of letter of request
67. 62Punishment for vexatious search
68. 63Punishment for false information or failure to give information, etc
69. 64Cognizance of offences
70. 65Code of Criminal Procedure, 1973 to apply
71. 66Disclosure of information
72. 67Bar of suits in civil courts
73. 68Notice, etc., not to be invalid on certain grounds
74. 69Recovery of fine or penalty
75. 70Offences by companies
76. 71Act to have overriding effect
77. 72Continuation of proceedings in the event of death or insolvency
78. 72AInter-ministerial Co-ordination Committee
79. 73Power to make rules
80. 74Rules to be laid before Parliament
81. 75Power to remove difficulties

Schedules

This Act has 1 schedule. A schedule is published as a document of its own; the text is reproduced on its page where it has been read, and the document is mirrored here either way.

Amending Acts

4 Acts amending this enactment, passed by Parliament of India. The text above is the consolidated text as published.

Rules made under this Act

40 sets of Rules. India Code publishes Rules as a record and a document rather than as text, so these are indexed here and not reproduced. All Rules.

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