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Report No. 276

7. The Prevention of Money Laundering Act, 2002

5.18 The Act, 2002 came into force with effect from 1st July, 2005, governs the law relating to anti-money laundering in India. All entities offering games to be played for cash or its equivalent, whether online or offline, are required to adhere to the provisions of the Act and The Prevention of Money Laundering (Maintenance of Records) Rules, 200598.

Section 12 of the Act requires "reporting entities", as defined in Section 2(1)(wa) to include "a person carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino" to maintain records of transactions and documents showing the identity of their clients in accordance with the 2005 Rules. These rules prescribe the nature as well as value of the transactions for which such records are to be maintained.

5.19 After the Prevention of Money Laundering (Amendment) Act, 2013 Section 2(1)(sa) reads that "a person carrying on designated business or profession" shall include "a person carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino". Thus, offering games of chance or activities associated with casino, after the amendment of 2013 constitute a "designated business or profession" under the Act.



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