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The Prevention of Money-Laundering Act, 2002

Contents

 

Sections

Particulars

Chapter I

Preliminary

1

Short title, extent and commencement

2

Definitions

Chapter II

Offence of Money-Laundering

3

Offence of money-laundering

4

Punishment for money-laundering

Chapter III

Attachment, Adjudication and Confiscation

5

Attachment of property involved in money-laundering

6

Adjudicating Authorities, composition, powers, etc.

7

Staff of Adjudicating Authorities

8

Adjudication

9

Vesting of property in Central Government

10

Management of properties confiscated under this Chapter

11

Power regarding summons, production of documents and evidence, etc.

Chapter IV

Obligations of Banking Companies, Financial Institutions and Intermediaries

12

Banking companies, financial institutions and intermediaries to maintain records

13

Powers of Director to impose fine

14

No civil proceedings against banking companies, financial institutions, etc., in certain cases

15

Procedure and manner of furnishing information by banking company, financial institution and intermediary

Chapter V

Summons, Searches and Seizures, Etc.

16

Power of survey

17

Search and seizure

18

Search of persons

19

Power to arrest

20

Retention of property

21

Retention of records

22

Presumption as to records or property in certain cases

23

Presumption in inter-connected transactions

24

Burden of proof

Chapter VI

Appellate Tribunal

25

Establishment of Appellate Tribunal

26

Appeal to Appellate Tribunal

27

Composition, etc., of Appellate Tribunal

28

Qualifications for appointment

29

Term of office

30

Conditions of service

31

Vacancies

32

Resignation and removal

33

Member to act as Chairperson in certain circumstances

34

Staff of Appellate Tribunal

35

Procedure and powers of Appellate Tribunal

36

Distribution of business amongst Benches

37

Power of Chairperson to transfer cases

38

Decision to be by majority

39

Right of appellant to take assistance of authorized representative and of Government to appoint presenting officers

40

Members, etc., to be public servants

41

Civil court not to have jurisdiction

42

Appeal to High Court

Chapter VII

Special Courts

43

Special Courts

44

Offences tribal by Special Courts

45

Offences to be cognizable and non-bailable

46

Application of Code of Criminal Procedure, 1973 to proceedings before Special Court

47

Appeal and revision

Chapter VIII

Authorities

48

Authorities under Act

49

Appointment and powers of authorities and other officers

50

Powers of authorities regarding summons, production of documents and to give evidence, etc.

51

Jurisdiction of authorities

52

Power of Central Government to issue directions, etc.

53

Empowerment of certain officers

54

Certain officers to assist in inquiry, etc.

Chapter IX

Reciprocal Arrangement for Assistance in Certain Matters and Procedure for Attachment and Confiscation of Property

55

Definitions. In this Chapter, unless the context otherwise requires

56

Agreements with foreign countries

57

Letter of request to a contracting State in certain cases

58

Assistance to a contracting State in certain cases

59

Reciprocal arrangements for processes and assistance for transfer of accused persons

60

Attachment, seizure and confiscation, etc., of property in a contracting State or India

61

Procedure in respect of letter of request

Chapter X

Miscellaneous

62

Punishment for vexatious search

63

Punishment for false information or failure to give information, etc.

64

Cognizance of offences

65

Code of Criminal Procedure, 1973 to apply

66

Disclosure of information

67

Bar of suits in civil courts

68

Notice, etc., not to be invalid on certain grounds

69

Recovery of fines

70

Offences by companies

71

Act to have overriding effect

72

Continuation of proceedings in the event of death or insolvency

73

Power to make rules

74

Rules to be laid before Parliament

75

Power to remove difficulties

Schedule

The Schedule

THE PREVENTION OF MONEY-LAUNDERING ACT, 2002 ACT NO. 15 OF 2003 [17th January 2003.] An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto. WHEREAS the Political Declaration and Global Programme of Action, annexed to the resolution S-17/2 was adopted by the General Assembly of the United Nations at its seventeenth special session on the twenty-third day of February, 1990; AND WHEREAS the Political Declaration adopted by the Special Session of the United Nations General Assembly held on 8th to 10th June, 1998 calls upon the Member States to adopt national money-laundering legislation and programme; AND WHEREAS it is considered necessary to implement the aforesaid resolution and the Declaration. BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:-



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