Money laundering prohjbltlon act, 2011 a bill for an act to repeal the money laundering prohibition act, 2004 and enact the money laundering prohibition \ct. Money laundering prevention act,2012 bangla english. In this article we have provided all the reference books, authors and topics and contents about the book the prevention of moneylaundering act 2002. Exchange of information relating to terrorist groups and terrorist acts. Money laundering is a transnational crime the objective of the present study is to critically analyse the prevention of money laundering act 2002 pmla and to compare the legislative provisions with those of international conventiontreaties such as vienna convention, palermo convention and fatf regulations, etc. Prevention of money laundering amendment act year 2017. Dated 12th december, 2017 copy of finance notification no.
Both money laundering and terrorist financing can weaken individual nongovernment development organization, and they are also a threat to a countrys overall reputation of development sector. Traditionally, antimoney laundering aml efforts have been a governmental role, but over the past forty years, this responsibility has shifted as more emphasis and responsibility has been placed on. The prevention of money laundering act 2002 is sought to be further amended by the prevention of money laundering amendment bill, 2011 hereinafter referred to as the bill, which has been introduced by the minister of finance, mr. The act and rules notified there under impose obligation on banking companies, financial. Commencement enacted by the national assembly of the federal republic of nigeria. Prevention of money laundering act, 2002 wikipedia. First of all the money laundering legislation, does not act upon the crime itself it deals with the process of the crime. The prevention of moneylaundering bill having been passed by both the houses of parliament received the assent of the president on 17th january, 2003.
This bill seeks to amend the prevention of money laundering act, 2002. Users can get information regarding the act, its objectives, short title and commencement. The prevention of moneylaundering amendment act, 2005. Money laundering and financing of terrorism prevention and control act, 2011 23 arrangement of sections section part i preliminary 1. Objectives of the centre the financial intelligence centre is established in order to identify the proceeds of unlawful activities and to combat moneylaundering activities. Money laundering prevention act, 2063 2008 date of authentication and publication. A year later, amending the 2011 act, the money laundering act, no. Terrorism financing offences extend to any person who solicits, acquires, receivesi possesses or makes available funds. The prevention of money laundering amendment bill, 2011 was introduced by the minister of finance, mr. The suppression of terrorism act 2008 click here to download a copy in pdf the money laundering and financing of terrorism prevention act 2011 click here to download a copy in pdf the money laundering and financing of terrorism prevention amendment act 2016 click here to download a copy in pdf. Antimoney laundering and combating the financing of. Find, read and cite all the research you need on researchgate. Pranab mukherjee in the loksabha on december 27, 2011.
Prevention of money laundering act, 2002 is an act of the parliament of india enacted by the nda government to prevent moneylaundering and to provide for confiscation of property derived from moneylaundering. The money laundering prohibition act, 2011 has repealed the money laundering prohibition act, 2004 by providing for, among other things, that no person or body corporate shall, except in a transaction executed through a licensed financial institution, make or accept cash payments of a sum exceeding n5,000,000 five million naira or its equivalent in the case of an individual, or n10,000. The prevention of moneylaundering act 2002 book pdf. Find information about the prevention of moneylaundering amendment act, 2009 which includes amendments in section 2, 5, 6 and 8 of the prevention of moneylaundering act, 2002. Pdf this article looks at the history of antimoney laundering laws as well as current developments in this field. This act amends the money laundering prohibition act, no.
All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. An act to amend the terrorism prevention act, 2011 by providing for extraterritorial application of the act and strengthening of terrorist financing offences. Prevention of money laundering estate agents authority. An act to provide for prevention of money laundering. There are 3 main acts to consider when dealing with money laundering in south africa. Whereas, it is expedient to provide for legal provisions to prevent laundering of criminally earned money assets, the legislatureparliament has enacted this act. Pmla and the rules notified there under came into force with effect from july 1, 2005.
The prevention of moneylaundering act 2002 book pdf is free and available for everyone to download as a pdf. Enacted by the national assembly of the federal republic of nigeria. You will also find ways you can help combat money laundering and make your community and your country a safer place to live and work. The revisions brought the act in line with the financial action task forces 40 recommendations and special recommendations on terrorist financing. Section 35 of the prevention of money laundering act no 5 of 2006 as amended by the prevention of money laundering amendment act, no. Terrorism prevention act an overview sciencedirect topics.
In this guide, you will find a summary of these international initiatives, as well as efforts the government has taken to combat money laundering in the united states. Chapter 373 of the laws of malta pmla and the prevention of money laundering and funding of terrorism regulations pmlftr. Prevention of money free download as powerpoint presentation. Maltas prevention of the money laundering regime is contained in two pieces of legislation, namely the prevention of money laundering act act xix of 1994, as amended. The prevention of organized crime act poca no 121 of 1998. An act to amend the money laundering prohibition act no. Antimoney laundering regulations and its effectiveness article pdf available in journal of money laundering control 174. Unless there is anything repugnant in the subject or context, in this act a smuggling of money or property means.
Designated director as per the requirement of prevention of money laundering act, 2002, a designated director will be appointed and informed to fiu. Preamble of this act says, whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. Details about amendments and sections of the act are also available. Critical analysis of prevention of money laundering act. The terrorism prevention act, 2011 in this act referred to as the. Transactions reporting act, 2000 92 e definition of financial institution 93. Commencement enacted by the national assembly of the federal republic of nigeria 1. The illegal act of money laundering in various business activities has always been a matter of great concern to the police force, and much effort has been made to bring this crime to the greater awareness of the business community. Prevention of money financial action task force on money. Money laundering and kyc regulations in south africa. Duty to report international transfer of funds and securities. The prevention of money laundering amendment bill, 2011.
Money laundering and terrorist financing often display similar transactional features, mostly having to do with concealment and disguise. In this act, unless the c interpretation ontext otherwise requires authorised officer means an officer authorised by the. The terrorism prevention act t pa 2011 and the money laundering. It complements and works with the prevention of organised crime act, 1998 which contains the substantive money laundering offences. Pranab mukherjee in the lok sabha on december 27, 2011. The revised money laundering and terrorism prevention act, 2008 mltpa came into effect on 1 january 2009. Usa patriot act of 2001 includes a broad array of measures aimed at counterterrorism funding, enhanced police surveillance, antimoney laundering programs, border protection, victim compensation, information sharing, strengthening criminal.
Money laundering prohibition act, 2011 as amended ii. Policy framed based on prevention of money laundering act, 2002, the rules framed there under and circulars issued by regulatory authorities. This manual is guided by the money laundering prohibition act 2011, terrorism prevention act 2011 and other applicable relevant laws and regulations. Money laundering prevention act, 2012 bangladesh customs.
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