Articles & Presentation

What is Proceeds of Crime under PMLA (AML Law India)

"Proceeds of crime", as given in Section 2(1)(u) is as under :
 
“Proceeds  of  crime”  means  any  property   derived  or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property or where such property
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Pre-Requisites For A Valid Provisional Attachment Order under PMLA (AML India)

Following are the pre-requisites for a valid provisional attachment order under PMLA:- 

(i)      the existence of material (“in possession of” the enforcement officer i.e. the specified authorities under PMLA) which is the basis of the “reason for belief”;

(ii)     the existence of identifiable “property” which qualifies to be treated

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SARFAESI or PMLA : Provision of Which Act would Prevail

The provisions of the amended SARFAESI Act prevails over the provision of the PML Act because the Amended SARFAESI Act is the subsequent legislation to the PML Act as held by the Hon’ble Supreme Court in the case of Solidaire India Ltd. Vs Fairgrowth Financial Services Ltd. & Ors., (2001)3SCC

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Does Chapter XII of the Cr PC apply to the PMLA? Ans: YES

While deciding the above issue the Delhi High Court in Rajbhushan Omprakash Dixit vs. Union of India and Ors ( Citation: MANU/DE/0734/2018) held that,

“It appears to this Court that there is no alternative to the Directorate of Enforcement but to follow the Cr PC, except where there are

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Whether the RBI should not entertain any compounding application of a subject matter which was part of money laundering being investigated by the Directorate of Enforcement (“ED”) under PMLA

In this case (New Delhi Television Limited vs. Reserve Bank of India and Ors (Bombay High Court ) Citation: MANU/MH/1816/2018) the issue was whether the RBI should not entertain any compounding application of a subject matter which was part of money laundering being investigated by the Directorate of Enforcement

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