INDIA TIGHTENS AML LAWS AND WIDENS AMBIT OF PROCEEDS OF CRIME

Business Standard on 19th July reported that the Indian government has expanded the ambit of the “proceeds of crime”, which now includes properties and assets created through any criminal activity even if it is not under the Prevention of Money Laundering Act (PMLA) – these crimes will now be considered as an “relatable offence”.  Proceeds will encompass property not only derived or obtained from the scheduled offence, but also that which is directly or indirectly be derived or obtained as a result of any criminal activity relatable to the scheduled offence.

https://www.business-standard.com/article/economy-policy/govt-tightens-anti-money-laundering-laws-widens-ambit-of-proceeds-of-crime-119071901320_1.html

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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