Very briefly explained, black economy means an economic ecosystem which runs and sustains itself on the availability of black money.
On 19 June 2018 the 5 th anti-money laundering Directive (Directive (EU) 2018/843), which amended the 4 th anti-money laundering Directive, was published in the Official Journal of the European Union. It decides whether any of the property attached or seized is involved in money laundering. Anti-money laundering policy in Hong Kong dictates that fintechs perform (CDD) checks at the beginning of, and throughout, customer relationships. The Act was subsequently amended in the years 2005, 2009 and 2012.The PMLA seeks to combat acts pertaining to money laundering in India and in view of this, it mainly has three main objectives:The PMLA, it may be reiterated, is the most exhaustive piece of legislation meant to identify acts and practices pertaining to money laundering and combat the effects thereof. An attempt is also made to understand the endeavours that have been taken up at the legislative levels and even the administrative levels to counter such activities. Although, various estimates of the scale of global money laundering are sometimes repeated often enough to make some people regard them as factual — no researcher has overcome the inherent difficulty of measuring an actively concealed practice. The presumption against the accused or any 3rd party is good enough to discharge the onus of the authorities under PMLA.Even in the case of Records, and Properties, which are found in the possession or control of any person in the course of a survey or search under the Act (Section 16, Section 17 and Section 18 of PMLA), under a presumption is raised that such records or property belongs to such person, and the contents of such records are true, and further that signatures and any part of such records in hand-writing of a particular person or in the hand-writing of such person, the presumptions as to the records in property are absolute, and the onus to prove the same otherwise, lies on such person. And even if the proceedings under the provisions of the PMLA are being conducted by a court other than a special court under the PMLA, then the proceedings could be committed to the special courts formed under the PMLA.The relevant provisions under the PMLA occur under section 44 of the PMLA.An Appellate Tribunal under the PMLA is a body which may be appointed by the (union) Government of India. With that in mind, navigate your anti-money laundering compliance challenges in Hong Kong with our list of the most important considerations.The HKMA issues, and periodically updates, its anti-money laundering guidance: this includes the Hong Kong Money Laundering and Terrorist Financing Risk Assessment ReportGuideline on Anti-Money Laundering and Counter-Financing of Terrorism. 2157) In October 2001, FATF expanded its mission to include combating the financing of terrorism. 1 crore as untainted money, is never the subject matter of the charge sheet submitted by the CBI and, therefore, any prosecution under Section 3 of the PML Act against the petitioners would not be maintainable as for prosecuting a person under PML Act, precondition is that one should involve himself in the process or activities connected with the proceeds of crime and the proceeds of crime be derived or obtained because of criminal activity relating to scheduled offence. The author, in this article, has discussed the concept...This article is written by Shubhangi Sharma, a 5th-year student of BA LLB in Lloyd Law College, Greater Noida. The term property is derived from...This article is written by Sonali Chauhan, a student of Lloyd Law College, Greater Noida. Hong Kong’s anti-money laundering regulations are principally based on the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) and on the Banking Ordinance (BO).
ICLG - Anti-Money Laundering Laws and Regulations - USA covers issues including criminal enforcement, regulatory and administrative enforcement and requirements for financial institutions and other designated businesses in … In most jurisdictions across space and time, an enduring method to ‘salvage’ one’s wealth from unwanted state action, has been the use of parallel banking or Informal value transfer systems that allowed people to move money out of the country avoiding state scrutiny.
The relevant provisions in this regard, which must be taken note of are power to make orders detaining certain persons (section 3), execution of detention orders (section 4), power to regulate place and conditions of detention (section 5), revocation of detention orders (section 11).There have been calls to repeal this Act many times, however, the provisions are no longer given effect.This Act was passed in the year 1988, ‘to prohibit Benami transactions and the right to recover property held Benami and for matters corrected therewith or incidental thereto’.Under section 2(a) of this Act, a ‘Benami transaction’ is defined as follows:“Benami transaction means any transaction in which property is transferred to one person for a consideration paid or provided by another person;”Section 3 of the Act, categorically debars anyone from entering into a Benami transaction.The Act further lays down that properties acquired underBenamii transaction are liable to be acquired by the competent authority without any liability of compensation to be payable by such authority.The Indian Penal Code of 1860 is the major substantive law which identifies a number of criminal activities and also prescribes penalties for them.