Essay about Money Washing Act

THE PREVENTION OF MONEY-LAUNDERING (AMENDMENT)ACT, 2009 NO . 21 OF 2009 [6th March, 2009. ] An Act further to amend the Prevention of Money-laundering Take action, 2002. Whether it is enacted simply by Parliament inside the Sixtieth Yr of the Republic of India as follows: snabel-a 1 .! Brief title and commencement.! 1 . Short name and commencement. (1) This Act can be called the Prevention of Money-laundering (Amendment) Act, 2009. (2) This shall enter into force about such time as the Central Federal government may, by simply notification inside the Official Feuille, appoint. snabel-a 2 . % Amendment of section installment payments on your! 2 . Amendment of section 2 . - In section 2 from the Prevention of Money-laundering Take action, 2002 (hereinafter referred to as the key Act), in sub-section (1), (i) following clause (d), the following term shall be put, namely: - '(da) ''authorised person'' means an sanctioned person as defined in clause (c) of section 2 with the Foreign Exchange Managing Act, 1999; '; (ii) after term (j), the next clause shall be inserted, particularly: - '(ja) ''designated business or profession'' means transporting on actions for playing games of choice of cash or kind, and includes such activities associated with gambling establishment or these kinds of other activities while the Central Government may possibly, by notice, so designate, from time to time; '; (iii) in clause (l), for the words ''a nonbanking financial company'', the words ''an authorised person, a transaction processing system operator and a nonbanking financial company'' shall be substituted; (iv) in clause (q), after the words and phrases and numbers ''Reserve Bank of India Act, 1934'', the words ''and includes a person carrying on designated business or profession'' shall be inserted; (v) following clause (r), the following condition shall be injected, namely: -- '(ra) ''offence of mix border implications'', means- (i) any conduct by a person at a place outside India which makes up an offence at that place and which could have constituted an offence specific in Part A, Part M or Part C from the Schedule, experienced it recently been committed in India of course, if such person remits the proceeds of such carry out or part thereof to India; or (ii) virtually any offence specific in Part A, Part W or Part C with the Schedule which has been committed in India and the proceeds of crime, or part thereof have been used in a place outside India or any type of attempt has been made to transfer the proceeds of criminal offenses, or component thereof coming from India to a place outside the house India. Explanation. -Nothing within this clause shall detrimentally affect virtually any investigation, interrogation, trial or perhaps proceeding prior to any expert in respect of the offences specified in Part A or Component B from the Schedule to the Act prior to commencement from the Prevention of Money-laundering (Amendment) Act, 2009; (rb) " payment system" means a process that enables repayment to be effected between a payer and a beneficiary, involving clearing, payment or perhaps settlement


service or all of them. Reason. -For the purposes on this clause, " payment system" includes the systems allowing credit card operations, debit cards operations, key card operations, funds transfer procedures or similar operations; (rc) " payment system operator" means a person who runs a payment system and such person includes his overseas principal. Explanation. -For the uses of this offer, ''overseas principal" means, -- (A) in the case of a person, being an individual, such individual residing outside India, the master of or regulates or manages, directly or indirectly, the actions or features of payment system in India; (B) regarding a Indio undivided friends and family, Karta of such Hindu undivided family members residing outdoors India who owns or handles or handles, directly or indirectly, the actions or features of payment system in India; (C) regarding a company, a strong, an association of persons, a body of people, an unnatural juridical person, whether integrated or not, such firm, firm, relationship of persons, body of individuals, artificial juridical person included or...