Recent Amendment Under PMLA
Legal June 15, 2023
The Prevention of Money Laundering Act (PMLA) has undergone significant amendments aimed at strengthening India’s anti-money laundering framework. These changes have implications for businesses across sectors.
Key amendments include expanded definitions of “proceeds of crime,” enhanced due diligence obligations for reporting entities, and stricter penalties for non-compliance.
The amendments also introduce provisions for attachment and confiscation of property involved in money laundering, with a wider scope covering virtual digital assets and cryptocurrency transactions.
Businesses should review their internal compliance frameworks to ensure alignment with the updated PMLA provisions and consult with legal advisors to address any gaps.