Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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</span></span></code>
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</span></span></code></pre><pre id="cakeErr6805412956b1b-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Amendment to provide for transfer of proceeds of foreign predicate offence&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;
&lt;br /&gt;
The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Reporting entities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.&lt;br /&gt;
&lt;br /&gt;
The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.&lt;br /&gt;
&lt;br /&gt;
The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.&lt;br /&gt;
&lt;br /&gt;
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;
&lt;br /&gt;
The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;
&lt;br /&gt;
Concealment, acquisition, possession and use of proceeds of crime are criminal activities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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Amendment to provide for transfer of proceeds of foreign predicate offence

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&lt;br /&gt;
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&lt;/em&gt;&lt;br /&gt;
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Reporting entities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;
&lt;br /&gt;
The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;
&lt;br /&gt;
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Amendment to provide for transfer of proceeds of foreign predicate offence

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Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
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Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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-The Hindu

Amendment to provide for transfer of proceeds of foreign predicate offence

The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the..."/>
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            <h1 class="news_headlines" style="font-style:normal">
                <strong>Law to curb money laundering to go global</strong></h1>
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                <div align="justify">-The Hindu<br /><br /><em>Amendment to provide for transfer of proceeds of foreign predicate offence<br /></em><br />The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.<br /><br />The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.<br /><br /><em>Reporting entities<br /></em><br />The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.<br /><br />The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.<br /><br />The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.<br /><br />The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.<br /><br />The government said money laundering was no longer restricted to the geo-political boundaries. &ldquo;It is a global menace that cannot be contained by any nation alone,&rdquo; the Bill says.<br /><br />The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.<br /><br /><em>Menace no longer limited to geo-political boundaries<br /><br />Concealment, acquisition, possession and use of proceeds of crime are criminal activities<br /></em><br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6805412956b1b-trace').style.display = (document.getElementById('cakeErr6805412956b1b-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6805412956b1b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6805412956b1b-code').style.display = (document.getElementById('cakeErr6805412956b1b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6805412956b1b-context').style.display = (document.getElementById('cakeErr6805412956b1b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6805412956b1b-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Amendment to provide for transfer of proceeds of foreign predicate offence&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;
&lt;br /&gt;
The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Reporting entities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.&lt;br /&gt;
&lt;br /&gt;
The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.&lt;br /&gt;
&lt;br /&gt;
The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.&lt;br /&gt;
&lt;br /&gt;
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;
&lt;br /&gt;
The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;
&lt;br /&gt;
Concealment, acquisition, possession and use of proceeds of crime are criminal activities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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Amendment to provide for transfer of proceeds of foreign predicate offence

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&lt;br /&gt;
&lt;em&gt;Amendment to provide for transfer of proceeds of foreign predicate offence&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Reporting entities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;
&lt;br /&gt;
The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;
&lt;br /&gt;
Concealment, acquisition, possession and use of proceeds of crime are criminal activities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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-The Hindu

Amendment to provide for transfer of proceeds of foreign predicate offence

The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the..."/>
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                <strong>Law to curb money laundering to go global</strong></h1>
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                <div align="justify">-The Hindu<br /><br /><em>Amendment to provide for transfer of proceeds of foreign predicate offence<br /></em><br />The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.<br /><br />The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.<br /><br /><em>Reporting entities<br /></em><br />The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.<br /><br />The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.<br /><br />The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.<br /><br />The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.<br /><br />The government said money laundering was no longer restricted to the geo-political boundaries. &ldquo;It is a global menace that cannot be contained by any nation alone,&rdquo; the Bill says.<br /><br />The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.<br /><br /><em>Menace no longer limited to geo-political boundaries<br /><br />Concealment, acquisition, possession and use of proceeds of crime are criminal activities<br /></em><br /></div>               </font>
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-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Amendment to provide for transfer of proceeds of foreign predicate offence&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;
&lt;br /&gt;
The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Reporting entities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.&lt;br /&gt;
&lt;br /&gt;
The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.&lt;br /&gt;
&lt;br /&gt;
The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.&lt;br /&gt;
&lt;br /&gt;
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;
&lt;br /&gt;
The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;
&lt;br /&gt;
Concealment, acquisition, possession and use of proceeds of crime are criminal activities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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-The Hindu

Amendment to provide for transfer of proceeds of foreign predicate offence

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-The Hindu&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Amendment to provide for transfer of proceeds of foreign predicate offence&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Reporting entities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.&lt;br /&gt;
&lt;br /&gt;
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;
&lt;br /&gt;
The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;
&lt;br /&gt;
Concealment, acquisition, possession and use of proceeds of crime are criminal activities&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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-The Hindu

Amendment to provide for transfer of proceeds of foreign predicate offence

The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Amendment to provide for transfer of proceeds of foreign predicate offence&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &amp;lsquo;corresponding law&#039; to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.&lt;br /&gt;&lt;br /&gt;The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Reporting entities&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.&lt;br /&gt;&lt;br /&gt;The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.&lt;br /&gt;&lt;br /&gt;The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.&lt;br /&gt;&lt;br /&gt;The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.&lt;br /&gt;&lt;br /&gt;The government said money laundering was no longer restricted to the geo-political boundaries. &amp;ldquo;It is a global menace that cannot be contained by any nation alone,&amp;rdquo; the Bill says.&lt;br /&gt;&lt;br /&gt;The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal&#039;s decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Menace no longer limited to geo-political boundaries&lt;br /&gt;&lt;br /&gt;Concealment, acquisition, possession and use of proceeds of crime are criminal activities&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;&lt;/div&gt;&#039;
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-The Hindu

Amendment to provide for transfer of proceeds of foreign predicate offence

The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the..."/>
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                <strong>Law to curb money laundering to go global</strong></h1>
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                <div align="justify">-The Hindu<br /><br /><em>Amendment to provide for transfer of proceeds of foreign predicate offence<br /></em><br />The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.<br /><br />The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.<br /><br /><em>Reporting entities<br /></em><br />The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.<br /><br />The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.<br /><br />The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.<br /><br />The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.<br /><br />The government said money laundering was no longer restricted to the geo-political boundaries. &ldquo;It is a global menace that cannot be contained by any nation alone,&rdquo; the Bill says.<br /><br />The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.<br /><br /><em>Menace no longer limited to geo-political boundaries<br /><br />Concealment, acquisition, possession and use of proceeds of crime are criminal activities<br /></em><br /></div>               </font>
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-The Hindu<br />
<br />
<em>Amendment to provide for transfer of proceeds of foreign predicate offence<br />
</em><br />
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.<br />
<br />
The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.<br />
<br />
<em>Reporting entities<br />
</em><br />
The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.<br />
<br />
The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.<br />
<br />
The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.<br />
<br />
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.<br />
<br />
The government said money laundering was no longer restricted to the geo-political boundaries. &ldquo;It is a global menace that cannot be contained by any nation alone,&rdquo; the Bill says.<br />
<br />
The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.<br />
<br />
<em>Menace no longer limited to geo-political boundaries<br />
<br />
Concealment, acquisition, possession and use of proceeds of crime are criminal activities<br />
</em><br />
</div>',
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Amendment to provide for transfer of proceeds of foreign predicate offence

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-The Hindu<br />
<br />
<em>Amendment to provide for transfer of proceeds of foreign predicate offence<br />
</em><br />
The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.<br />
<br />
The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.<br />
<br />
<em>Reporting entities<br />
</em><br />
The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.<br />
<br />
The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.<br />
<br />
The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.<br />
<br />
The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.<br />
<br />
The government said money laundering was no longer restricted to the geo-political boundaries. &ldquo;It is a global menace that cannot be contained by any nation alone,&rdquo; the Bill says.<br />
<br />
The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.<br />
<br />
<em>Menace no longer limited to geo-political boundaries<br />
<br />
Concealment, acquisition, possession and use of proceeds of crime are criminal activities<br />
</em><br />
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-The Hindu

Amendment to provide for transfer of proceeds of foreign predicate offence

The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the...'
$disp = '<div align="justify">-The Hindu<br /><br /><em>Amendment to provide for transfer of proceeds of foreign predicate offence<br /></em><br />The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a &lsquo;corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India.<br /><br />The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine.<br /><br /><em>Reporting entities<br /></em><br />The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations.<br /><br />The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence.<br /><br />The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide.<br /><br />The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation.<br /><br />The government said money laundering was no longer restricted to the geo-political boundaries. &ldquo;It is a global menace that cannot be contained by any nation alone,&rdquo; the Bill says.<br /><br />The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period.<br /><br /><em>Menace no longer limited to geo-political boundaries<br /><br />Concealment, acquisition, possession and use of proceeds of crime are criminal activities<br /></em><br /></div>'
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Law to curb money laundering to go global

-The Hindu Amendment to provide for transfer of proceeds of foreign predicate offence The government tabled the Prevention of Money-Laundering (Amendment) Bill, 2011, in the Lok Sabha on Tuesday. It seeks to introduce the concept of a ‘corresponding law' to link the provisions of Indian law to those of other countries and to provide for transfer of the proceeds of foreign predicate offence committed in any manner in India. The Bill enlarges the definition of money-laundering to include concealment, acquisition, possession and use of proceeds of crime as criminal activities and to remove the existing limit of Rs. 5 lakh in fine. Reporting entities The Bill provides for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that money-laundering has taken place and the property in question is involved in the crime. It confers powers on the director of reporting entities, such as banks, financial institutions and intermediaries, to call for records of transactions or any additional information that may be required for prevention of the crime and to make enquiries for non-compliance with reporting obligations. The Bill proposes to make the reporting entities and their designated directors on the board and employees responsible for acts of commission and omission. The reporting entities need to maintain a record of all transactions, including information for reconstructing individual transactions. These entities will maintain records of documents in proof of the identity of their clients and beneficial owners as well as account files and business correspondence. The amendment is necessitated by the fact that India is an important member of the Financial Action Task Force, and chairs its Asia Pacific group. So it is important to make the existing Prevention of Money Laundering Act conform to the practices being followed worldwide. The PMLA, 2002, was aimed at preventing money laundering and confiscating property derived from, or involved in, the crime. It was amended in 2005 and 2009 to remove the difficulties in its implementation. The government said money laundering was no longer restricted to the geo-political boundaries. “It is a global menace that cannot be contained by any nation alone,” the Bill says. The Bill also provides for appeal against the orders of the Appellate Tribunal in the Supreme Court, instead of in the High Court as mandated by the existing laws. A person aggrieved by the Tribunal's decision or order may file an appeal within 60 days of the date of communication of the order. The court may allow the appeal to be filed within a further period not exceeding 60 days, if it is satisfied that the applicant has been prevented by sufficient cause from appealing within the stipulated period. Menace no longer limited to geo-political boundaries Concealment, acquisition, possession and use of proceeds of crime are criminal activities