Prevention of Money Laundering : Property held outside country is also proceeds of crime

By | April 20, 2018
(Last Updated On: April 20, 2018)

PMLA-Property held outside country, amended provisions effective from 19thApril, 2018

The Finance Act has made an important amendment in the definition of “proceeds of crime” as appearing in Prevention of Money Laundering Act, 2002. Previously, the definition was amended in 2015 to include “property equivalent held within the country” in case proceeds of crime is taken out or held “outside the country”.

The section 208 of the Part XIV of the Finance Act, 2018 (13 of 2018) now allows to proceed against property equivalent to proceeds to crime held outside the country also.

MINISTRY OF FINANCE
(Department of Revenue)

NOTIFICATION

New Delhi, the 19th April, 2018

G.S.R. 383(E).—In exercise of the powers conferred under section 207 of the Finance Act, 2018 (13 of 2018), the Central Government hereby appoints the date of publication of this notification in the Gazette of India, as the date on which the provisions of section 208 of Part XIV of the said Act shall come into force.

[Notification No.2/2018/F. No.M.11011/1/2015-S.O.(E.S. Cell)]

BIPLAB KUMAR NASKAR,
Under Secy

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