money laundering act

Money LaunderingMoney Laundering

StudEase Coaching for CSStudEase Coaching for CS

studease.instudease.in

Process of Money Laundering

Money LaunderingMoney LaunderingDirectly or indirectlyDirectly or indirectlyAttempts or assists knowingly or Attempts or assists knowingly or

party to any activityparty to any activityConnected with proceeds of crimeConnected with proceeds of crimeProjecting it as untainted propertyProjecting it as untainted property

Against the country Against the country

Terrorism, conspiracy, etcTerrorism, conspiracy, etcRelating to DrugsRelating to Drugs

Possessing or dealing with Poppy Possessing or dealing with Poppy straw, opium, cannabisstraw, opium, cannabis

Under the Indian Penal Code Under the Indian Penal Code

Murder, Kidnapping, Extortion, Murder, Kidnapping, Extortion, counterfeit notes and securities, etccounterfeit notes and securities, etc

Impact of Money Laundering on Development

Prevention of Money Laundering – Global

Initiatives

The Vienna Convention Council of Europe Convention European Union Money

Laundering Directive The Financial Action Task Force

(FATF)

History of the FATF

FATF Recommendations

United Nations Global Programme Against Money Laundering

Attachment of property involved in money laundering

Adjudicating Authority

Adjudication

Vesting of Property in Central Government

Obligation of Banking Companies, Financial Institutions and Intermediaries

Summon, Searches and Seizures, etc.

Retention of Property

Retention of records

Presumption in Inter-connected Transactions

Appellate Tribunal

Special Courts

Offences Triable by Special Courts

Offences to be cognizable and Non-bailable

Power of Central Government to Issue Directions

Attachment, Seizure and Confiscation of Property, etc.

(KYC) Norms/ (AML) Measures/ (CFT) Guidelines – Anti Money Laundering Standards

The objective of KYC Norms/ AML Measures/ CFT Guidelines

Obligation of Banks

KYC Policy

For the purpose of KYC policy, a ‘Customer’ is defined as:

Introduction of New Technologies – Credit cards/debit cards/ smart cards/gift cards

Information to be preserved

Maintenance and Preservation of record

Reporting to Financial Intelligence Unit – India

Freezing of Assets under Section 51A of Unlawful Activities (Prevention) Act, 1967