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Notification to Tweak PMLA
May 8 , 2023
499 days
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- The Union government’s tweaked PMLA rules were disclosed as part of two gazette notifications.
- The rules putting non-government organisations (NGOs) and “politically exposed persons” under tighter scrutiny.
- It significantly widening the range of people and entities whose financial transactions agencies such as the Enforcement Directorate will have access to.
- The expanded definitions also included cryptocurrencies under provisions to monitor illicit financial flows.
- The new rules make it mandatory for banking/financial companies to record transactions of several entities and individuals.
- They were not earlier included in the PMLA (prevention of money laundering act).
- These rules brought host of activities carried out “for or on behalf of” another person through cryptocurrencies such as Bitcoin and Ethereum under PMLA.
- The Enforcement Directorate (ED) is the main agency probing allegations under PMLA.
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