Criminal Law
The Prevention of Money-laundering Act, 2002
Act 15 of 2003 · 81 sections
Title, date and preamble
[17th January, 2003.]
An Act to prevent money-laundering and to provide for confiscation of property derived from, or
involved in, money-laundering and for matters connected therewith or incidental thereto.
WHEREAS the Political Declaration and Global Programme of Action, annexed to the resolution
S-17/2 was adopted by the General Assembly of the United Nations at its seventeenth special session on
the twenty-third day of February, 1990;
AND WHEREAS the Political Declaration adopted by the Special Session of the United Nations
General Assembly held on 8th to 10th June, 1998 calls upon the Member States to adopt national
money-laundering legislation and programme;
AND WHEREAS it is considered necessary to implement the aforesaid resolution and the Declaration.
BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:—
Contents
CHAPTER I PRELIMINARY
CHAPTER II OFFENCE OF MONEY-LAUNDERING
CHAPTER III ATTACHMENT, ADJUDICATION AND CONFISCATION
- 5.Attachment of property involved in money-laundering
- 6.Adjudicating Authorities, composition, powers, etc
- 7.Staff of Adjudicating Authorities
- 8.Adjudication
- 9.Vesting of property in Central Government
- 10.Management of properties confiscated under this Chapter
- 11.Power regarding summons, production of documents and evidence, etc
CHAPTER IV OBLIGATIONS OF BANKING COMPANIES, FINANCIAL INSTITUTIONS AND INTERMEDIARIES
- 11A.Verification of Identity by Reporting Entity
- 12.Reporting entity to maintain records
- 12A.Access to information
- 12AA.Enhanced due diligence
- 13.Powers of Director to impose fine
- 14.No civil or criminal proceedings against reporting entity, its directors and employees in certain cases
- 15.Procedure and manner of furnishing information by reporting entities
CHAPTER V SUMMONS, SEARCHES AND SEIZURES, ETC
CHAPTER VI APPELLATE TRIBUNAL
- 25.Appellate Tribunal
- 26.Appeal to Appellate Tribunal
- 27.Compositions, etc., of Appellate Tribunal
- 28.Qualifications for appointment
- 29.Term of office
- 30.Conditions of service
- 31.Vacancies
- 32.Resignation and removal
- 33.Member to act as Chairperson in certain circumstances
- 34.Staff of Appellate Tribunal
- 35.Procedure and powers of Appellate Tribunal
- 36.Distribution of business amongst Benches
- 37.Power of [Chairman] to transfer cases
- 38.Decision to be by majority
- 39.Right of appellant to take assistance of authorised representative and of Government to appoint presenting officers
- 40.Members, etc., to be public servants
- 41.Civil court not to have jurisdiction
- 42.Appeal to High Court
CHAPTER VII SPECIAL COURTS
CHAPTER VIII AUTHORITIES
- 48.Authorities under Act
- 49.Appointment and powers of authorities and other officers
- 50.Powers of authorities regarding summons, production of documents and to give evidence, etc
- 51.Jurisdiction of authorities
- 52.Power of Central Government to issue directions, etc
- 53.Empowerment of certain officers
- 54.Certain officers to assist in inquiry, etc
CHAPTER IX RECIPROCAL ARRANGEMENT FOR ASSISTANCE IN CERTAIN MATTERS AND PROCEDURE FOR ATTACHMENT AND CONFISCATION OF PROPERTY
- 55.Definitions
- 56.Agreements with foreign countries
- 57.Letter of request to a contracting State in certain cases
- 58.Assistance to a contracting State in certain cases
- 58A.Special Court to release the property
- 58B.Letter of request of a contracting State or authority for confiscation or release the property
- 59.Reciprocal arrangements for processes and assistance for transfer of accused persons
- 60.Attachment, seizure and confiscation, etc., of property in a contracting State or India
- 61.Procedure in respect of letter of request
CHAPTER X MISCELLANEOUS
- 62.Punishment for vexatious search
- 63.Punishment for false information or failure to give information, etc
- 64.Cognizance of offences
- 65.Code of Criminal Procedure, 1973 to apply
- 66.Disclosure of information
- 67.Bar of suits in civil courts
- 68.Notice, etc., not to be invalid on certain grounds
- 69.Recovery of fine or penalty
- 70.Offences by companies
- 71.Act to have overriding effect
- 72.Continuation of proceedings in the event of death or insolvency
- 72A.Inter-ministerial Co-ordination Committee
- 73.Power to make rules
- 74.Rules to be laid before Parliament
- 75.Power to remove difficulties
Schedules and appendices
Schedules are not yet reproduced here. Read them in the official file; each link opens the page where the Schedule begins.