Prevention of Money-laundering Act 2002 Current Affairs - 2020
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The Prevention of Money Laundering (PMLA) court in Mumbai has declared Vijay Mallya as a Fugitive Economic Offender. Vijay Mallya is the first businessman to be charged under the new fugitive economic offender’s act 2018.
Declaration of the Fugitive Economic Offender
Vijay Mallya is declared as the Fugitive Economic Offender under the following provisions:
- According to the Fugitive Economic Offenders Act, 2018 a fugitive economic offender is a person against whom an arrest warrant has been issued for his or her involvement in economic offences involving at least Rs. 100 crore or more and has left India to avoid prosecution.
- The investigating agencies have to file an application in a Special Court under the Prevention of Money-Laundering Act, 2002 containing details of the properties to be confiscated, and any information about the person’s whereabouts.
- The Special Court will issue a notice for the person to appear at a specified place and date at least six weeks from the issue of notice.
- Proceedings will be terminated if the person appears. If not the person would be declared as a Fugitive Economic Offender based on the evidence filed by the investigating agencies.
The person who is declared as a Fugitive Economic Offender can challenge the proclamation in the High Court within 30 days of such declaration according to the Fugitive Economic Offenders Act, 2018.
Tags: Fugitive economic offender • Fugitive Economic Offenders Act 2018 • Prevention of Money-laundering Act 2002 • Vijay Mallya
The government has introduced the Aadhaar amendment bill in Loksabha. The bill aims to provide legal backing for voluntary seeding of biometric Aadhaar ID for mobile SIM card and bank account authentication purposes.
Features of the Bill
The important features of the Aadhaar and Other Laws (Amendment) Bill 2018 are:
- The bill seeks to amend the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, the Indian Telegraph Act, 1885 and the Prevention of Money-laundering Act, 2002.
- The amendment permits children, who would turn 18 years old, to opt out of the system.
- The amendments make sharing of Aadhaar details voluntary for opening bank accounts, school admissions and procuring mobile SIM cards.
- The bill provides for stiff penalties for violation of norms set for the use of Aadhaar.
- The amendment bill ban storing of core biometric information as well as Aadhaar number by service providers in cases of individuals who have voluntarily offered the national ID as a means of authentication.
- The bill makes it clear that anyone not offering Aadhaar cannot be denied any service, be it a bank account or a SIM card.
- The bill lays down the procedure for offline verification of an Aadhaar number holder and confers enhanced regulator-like power on Unique Identification Authority of India (UIDAI) to give directions as it may consider necessary to any entity in the Aadhaar ecosystem.
Why the amendments are proposed?
While upholding the constitutional validity of Aadhaar, the Supreme Court had held struck down Section 57 of the Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, 2016 that permitted private entities like telecom companies or other corporate to avail of the biometric Aadhaar data. Hence to address the issues like recognising the authentification of those who provided Aadhaar as the identity proof, the amendments are brought in by the government.
Tags: Aadhaar • Aadhaar Act • Constitutional Validity • Indian Telegraph Act 1885 • Prevention of Money-laundering Act 2002