{"id":25262,"date":"2013-05-16T14:27:54","date_gmt":"2013-05-16T08:57:54","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=25262"},"modified":"2024-04-12T14:18:02","modified_gmt":"2024-04-12T08:48:02","slug":"prevention-of-money-laundering-act-pml-act","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/prevention-of-money-laundering-act-pml-act\/","title":{"rendered":"AML KYC Tutorial | Prevention of Money -Laundering Act (PML Act)"},"content":{"rendered":"<h1 style=\"text-align: left;\">&nbsp;<\/h1>\n<p><span style=\"line-height: 1.714285714; font-size: 1rem;\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-6.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-91274 size-full\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-6.png\" alt=\"Prevention of Money-Laundering Act (PML Act)\" width=\"750\" height=\"400\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-6.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-6-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/span><\/p>\n<p>Prevention of Money-Laundering Act (PML Act) is <span style=\"line-height: 1.714285714; font-size: 1rem;\">to prevent the laundering of money and to provide for confiscation of property derived from, or <\/span><span style=\"line-height: 1.714285714; font-size: 1rem;\">involved in, laundering and for matters connected therewith or incidental thereto. This act was formed in 2002 by the Act of the Parliament of India enacted by the NDA government. To add on, this act was amended in 2005, 2009, and 2012 respectively. Also, t<\/span>his PMLA aims to fight the crime of money laundering in India and has three main objectives:<\/p>\n<ul>\n<li>To prevent and control money laundering.<\/li>\n<li>To confiscate and seize the property obtained from the laundered money; and<\/li>\n<li>To deal with any other issue connected with money laundering in India<\/li>\n<\/ul>\n<ul>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">WHEREAS the Political Declaration and Global Programme of Action, annexed to the resolution&nbsp;<\/span><span style=\"line-height: 1.714285714; font-size: 1rem;\">S-17\/2 was adopted by the General Assembly of the United Nations at its seventeenth special session on&nbsp;<\/span><span style=\"line-height: 1.714285714; font-size: 1rem;\">the twenty-third day of February 1990;&nbsp;<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">AND WHEREAS the Political Declaration adopted by the Special Session of the United Nations&nbsp;<\/span><span style=\"line-height: 1.714285714; font-size: 1rem;\">General Assembly held on 8th to 10th June 1998 calls upon the Member States to adopt national money laundering legislation and program;&nbsp;<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">AND WHEREAS it is considered necessary to implement the aforesaid resolution and the&nbsp;<\/span><span style=\"line-height: 1.714285714; font-size: 1rem;\">Declaration;&nbsp;<\/span><\/li>\n<li><span style=\"line-height: 1.714285714; font-size: 1rem;\">BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows<\/span><\/li>\n<\/ul>\n<h3><strong>Definitions of Money-Laundering&nbsp;Act&nbsp;<\/strong><\/h3>\n<p>In this Act, unless the context otherwise requires, &#8212;<\/p>\n<p>(a) &#8220;Adjudicating Authority&#8221; means an Adjudicating Authority appointed under sub-section<br>(1) of section 6;<br>(b) &#8220;Appellate Tribunal&#8221; means the Appellate Tribunal established under section 25;<br>(c) &#8220;Assistant Director&#8221; means an Assistant Director appointed under sub-section (1) of<br>section 49;<br>(d) &#8220;attachment&#8221; means prohibition of transfer, conversion, disposition or movement of<br>property by an order issued under Chapter III;<\/p>\n<h3>&nbsp;<\/h3>\n<p><a href=\"https:\/\/www.vskills.in\/practice\/aml-kyc\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-91326 size-full aligncenter\" title=\"AML KYC Vskills\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png\" alt=\"AML-KYC Compliance officer free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/aml-kyc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href=\"https:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer\" target=\"_blank\" rel=\"noreferrer noopener\">Go to Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Prevention of Money-Laundering Act (PML Act) is to prevent the laundering of money and to provide for confiscation of property derived from, or involved in, laundering and for matters connected therewith or incidental thereto. This act was formed in 2002 by the Act of the Parliament of India enacted by the NDA government. To&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3356],"tags":[6068,6069,6071,6065,6073,6072,6070,6066,71,6067,3589,6078,5076,6074],"class_list":["post-25262","page","type-page","status-publish","hentry","category-aml-kyc-2","tag-aml-certification","tag-aml-kyc-certificate","tag-aml-kyc-certificate-online","tag-aml-kyc-certification","tag-aml-kyc-course","tag-aml-kyc-in-india","tag-anti-money-laundering-certificate","tag-anti-money-laundering-certification","tag-certification","tag-compliance-certification","tag-online-certification","tag-pml-act","tag-prevention-of-money-laundering-act","tag-vskills-certification"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AML- KYC Tutorial | Prevention of Money-Laundering Act (PML Act)<\/title>\n<meta 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