Prevention of Money Laundering Act Current Affairs - 2020

INTERPOL issues Red Notice against Nirav Modi wife

On august 25, 2020, the Interpol issued red notice against Ami Modi, the wife of Nirav Modi. She is the prime suspect in the Rs 13,500 crore Punjab National Bank fraud case. A red notice acts an international arrest warrant. Highlights The red notice was issued in connection with money laundering case that was registered Read More…

FIU to get PAN data from Income Tax Department to check suspicious large transactions

The Financial Intelligence Unit is the nodal agency authorized to obtain cash transaction reports from private and public sector banks. The FIU receives reports every month to analyse suspicious cases. Highlights This time, the Income Tax Department has allowed to share PAN details of individuals to dig deeper into large suspicious accounts. FIU forwards suspicious Read More…

PMLA prevails over Bankruptcy Act and Insolvency Code: Delhi HC

The Delhi High Court has ruled that Prevention of Money Laundering Act (PMLA) prevails over the Bankruptcy Act and insolvency code when it comes to attachment of properties obtained as ‘proceeds of crime’. The Enforcement Directorate (ED) had challenged the orders of PMLA appellate tribunal on the pleas of various banks. PMLA Tribunal had held that Read More…