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Steps in Money Laundering
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International Affairs
Business & Economy
Banking Current Affairs
Science & Techonlogy
Environment Current Affairs
Bills and Acts
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Placement
Layering
Integration
Prevention of money laundering
40+9 Recommendations
The Prevention of Money Laundering Act, 2002 (PMLA)
The Prevention of Money Laundering (Amendment) Act 2012
measures,
reviews
money
laundering
and
terrorist
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nancial centres in
40+9 Recommendations
Forty Recommendations have been issued by the FATF in 1990 which
were last revised in 2003. Some of them include implementing the
international conventions of this relevance and criminalizing money
laundering and enabling authorities to con scate the proceeds of money
laundering. 8 Special Recommendations on Terrorist Financing were
issued by FATF in the wake of 9/11 attacks. A 9th Special
Recommendation on Terrorist Financing was issued in October 2004. So,
there are 49 recommendations by FATF to combat the money
laundering.
nancial
coordinating
and
strengthening
efforts
of
national
and
There
can be
ne upto 5 lakh
of
banking
companies,
nancial
Institutions
and
Intermediaries:
Banking companies have to follow the procedure of KYC Norms
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may be.
Furnish information of above transaction to director within the
prescribed time.
Verify and maintain the records of identity of all clients in respect of
such transactions to Director within the prescribed time.
ne up to Rs
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Part B of the Schedule in the erstwhile Act included only those crimes
that are above Rs 30 lakh or more whereas Part A did not specify any
monetary limit of the offence. The amended act has brought all the
offences under Part A of the Schedule to ensure that the monetary
thresholds do not apply to the offence of money laundering.
Comments
Mayank December 28, 2014 Log in to Reply
Perfect Piece! thanks GKT
or connect with:
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GKToday
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