| PREVENTION OF MONEY-LAUNDERING (AMENDMENT) ACT, 2012 - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prevention of Money-laundering (Amendment) Act, 2012 Central Act No. 2 of 2013 An Act farther to amend the Prevention of Money-laundering Act, 2002. Be it enacted by Parliament in the Sixty-third Year of the Republic of India as follows. 1. Short title and commencement."(1) This Act may be called the Prevention of Money-laundering (Amendment) Act, 2012. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. 2. Amendment of Section 2."In Section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to as the principal Act), in sub-section (1)," (i) after Clause (f), the following Clause shall be inserted, namely" ˜(fa) "beneficial owner" means an individual who ultimately owns or controls a client of a reporting entity or the person on whose behalf a transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person;'; (ii) after Clause (h), the following Clause shall be inserted, namely" ˜(ha) "client" means a person who is engaged in a financial transaction or activity with a reporting entity and includes a person on whose behalf the person who engaged in the transaction or activity, is acting;'; (iii) after Clause (i), the following Clauses shall be inserted, namely" ˜(ia) "corresponding law" means any law of any foreign country corresponding to any of the provisions of this Act or dealing with offences in that country corresponding to any of the scheduled offences; (ib) "dealer" has the same meaning as assigned to it in Clause (b) of Section 2 of the Central Sales Tax Act, 1956 (74 of 1956);'; (iv) Clause (ja) shall be omitted; (v) for Clause (l), the following Clause shall be substituted, namely" ˜(l) "financial institution" means a financial institution as defined in Clause (c) of Section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a housing finance institution, an authorised person, a payment system operator, a non-banking financial company and the Department of Posts in the Government of India;'; (vi) for Clause (n), the following Clause shall be substituted, namely" ˜(n) "intermediary" means," (i) a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser or any other intermediary associated with securities market and registered under Section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); or (ii) an association recognised or registered under the Forward Contracts (Regulation) Act, 1952 (74 of 1952) or any member of such association; or (iii) intermediary registered by the Pension Fund Regulatory and Development Authority; or (iv) a recognised stock exchange referred to in Clause (f) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);'; (vii) in Clause (q), the words "and includes a person carrying on designated business or profession" shall be omitted; (viii) in Clause (ra), in sub-clause (i), for the word "remits", the words "transfers in any manner" shall be substituted; (ix) after Clause (s), the following Clauses shall be inserted, namely" ˜(sa) "person carrying on designated business or profession" means," (i) a person carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino; (ii) a Registrar or Sub-Registrar appointed under Section 6 of the Registration Act, 1908 (16 of 1908), as may be notified by the Central Government; (iii) real estate agent, as may be notified by the Central Government; (iv) dealer in precious metals, precious stones and other high value goods, as may be notified by the Central Government; (v) person engaged in safekeeping and administration of cash and liquid securities on behalf of other persons, as may be notified by the Central Government; or (vi) person carrying on such other activities as the Central Government may, by notification, so designate, from time to time; (sb) "precious metal" means gold, silver, platinum, palladium or rhodium or such other metal as may be notified by the Central Government; (sc) "precious stone" means diamond, emerald, ruby, sapphire or any such other stone as may be notified by the Central Government;'; (x) after Clause (v), the following shall be inserted, namely" ˜Explanation."For the removal of doubts, it is hereby clarified that the term "property" includes property of any kind used in the commission of an offence under this Act or any of the scheduled offences; (va) "real estate agent" means a real estate agent as defined in Clause (88) of Section 65 of the Finance Act, 1994 (32 of 1994);'; (xi) after Clause (w), the following Clause shall be inserted, namely" ˜(wa) "reporting entity" means a banking company, financial institution, intermediary or a person carrying on a designated business or profession;'. 3. Amendment of Section 3."In Section 3 of the principal Act, for the words "proceeds of crime and projecting", the words "proceeds of crime including its concealment, possession, acquisition or use and projecting or claiming" shall be substituted. 4. Amendment of Section 4."In Section 4 of the principal Act, the words "which may extend to five lakh rupees" shall be omitted. 5. Amendment of Section 5."In Section 5 of the principal Act, for sub-section (1), the following sub-section shall be substituted, namely" "(1) Where the Director or any other officer not below the rank of Deputy Director authorised by the Director for the purposes of this Section, has reason to believe (the reason for such belief to be recorded in writing), on the basis of material in his possession, that" (a) any person is in possession of any proceeds of crime; and (b) such proceeds of crime are likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings relating to confiscation of such proceeds of crime under this Chapter, he may, by order in writing, provisionally attach such property for a period not exceeding one hundred and eighty days from the date of the order, in such manner as may be prescribed: Provided that no such order of attachment shall be made unless, in relation to the scheduled offence, a report has been forwarded to a Magistrate under Section 173 of the Code of Criminal Procedure, 1973 (2 of 1974), or a complaint has been filed by a person authorised to investigate the offence mentioned in that Schedule, before a Magistrate or court for taking cognizance of the scheduled offence, as the case may be, or a similar report or complaint has been made or filed under the corresponding law of any other country: Provided further that, notwithstanding anything contained in Clause (b), any property of any person may be attached under this Section if the Director or any other officer not below the rank of Deputy Director authorised by him for the purposes of this Section has reason to believe (the reasons for such belief to be recorded in writing), on the basis of material in his possession, that if such property involved in money-laundering is not attached immediately under this Chapter, the non-attachment of the property is likely to frustrate any proceeding under this Act.". 6. Amendment of Section 8."In Section 8 of the principal Act," (i) in sub-section (1), after the words and figure "Section 5, or, seized", the words "or frozen" shall be inserted; (ii) in sub-section (3)," (a) in the opening portion, for the words and figures "record seized under Section 17 or Section 18 and record a finding to that effect, such attachment or retention of the seized property", the words and figures "record seized or frozen under Section 17 or Section 18 and record a finding to that effect, whereupon such attachment or retention or freezing of the seized or frozen property" shall be substituted; (b) in Clause (a), for the words "scheduled offence before a court; and", the words "offence under this Act before a court or under the corresponding law of any other country, before the competent court of criminal jurisdiction outside India, as the case may be; and" shall be substituted; (c) for Clause (b), the following Clause shall be substituted, namely" "(b) become final after an order of confiscation is passed under sub-section (5) or sub-section (7) of Section 8 or Section 58-B or sub-section (2-A) of Section 60 by the Adjudicating Authority"; (iii) in sub-section (4), for the words "possession of the attached property", the following shall be substituted, namely" "possession of the property attached under Section 5 or frozen under sub-section (1-A) of Section 17, in such manner as may be prescribed: Provided that if it is not practicable to take possession of a property frozen under sub-section (1-A) of Section 17, the order of confiscation shall have the same effect as if the property had been taken possession of."; (iv) for sub-sections (5) and (6), the following sub-sections shall be substituted, namely" "(5) Where on conclusion of a trial of an offence under this Act, the Special Court finds that the offence of money-laundering has been committed, it shall order that such property involved in the money-laundering or which has been used for commission of the offence of money-laundering shall stand confiscated to the Central Government. (6) Where on conclusion of a trial under this Act, the Special Court finds that the offence of money-laundering has not taken place or the property is not involved in money-laundering, it shall order release of such property to the person entitled to receive it. (7) Where the trial under this Act cannot be conducted by reason of the death of the accused or the accused being declared a proclaimed offender or for any other reason or having commenced but could not be concluded, the Special Court shall, on an application moved by the Director or a person claiming to be entitled to possession of a property in respect of which an order has been passed under sub-section (3) of Section 8, pass appropriate orders regarding confiscation or release of the property, as the case may be, involved in the offence of money-laundering after having regard to the material before it.". 7. Amendment of Section 9."In Section 9 of the principal Act," (i) in the opening portion, for the words, brackets and figures "sub-section (6) of Section 8", the words, brackets, figures and letter "sub-section (5) or sub-section (7) of Section 8 or Section 58-B or sub-section (2-A) of Section 60" shall be substituted; (ii) in the first proviso," (a) for the words "Adjudicating Authority", the words "Special Court or the Adjudicating Authority, as the case may be," shall be substituted; (b) after the words "or seized", the words "or frozen" shall be inserted. 8. Amendment of Section 10."In Section 10 of the principal Act, in sub-section (2), for the words, brackets and figures "sub-section (6) of Section 8", the words, brackets, figures and letter "sub-section (5) or sub-section (6) or sub-section (7) of Section 8 or Section 58-B or sub-section (2-A) of Section 60" shall be substituted. 9. Substitution of new Section for Section 12."For Section 12 of the principal Act, the following Section shall be substituted, namely" "12. Reporting entity to maintain records."(1) Every reporting entity shall" (a) maintain a record of all transactions, including information relating to transactions covered under Clause (b), in such manner as to enable it to reconstruct individual transactions; (b) furnish to the Director within such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed; (c) verify the identity of its clients in such manner and subject to such conditions, as may be prescribed; (d) identify the beneficial owner, if any, of such of its clients, as may be prescribed; (e) maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. (2) Every information maintained, furnished or verified, save as otherwise provided under any law for the time being in force, shall be kept confidential. (3) The records referred to in Clause (a) of sub-section (1) shall be maintained for a period of five years from the date of transaction between a client and the reporting entity. (4) The records referred to in Clause (e) of sub-section (1) shall be maintained for a period of five years after the business relationship between a client and the reporting entity has ended or the account has been closed, whichever is later. (5) The Central Government may, by notification, exempt any reporting entity or class of reporting entities from any obligation under this Chapter.". 10. Insertion of new Section 12-A."After Section 12 of the principal Act, the following Section shall be inserted, namely" "12-A. Access to information."(1) The Director may call for from any reporting entity any of the records referred to in sub-section (1) of Section 12 and any additional information as he considers necessary for the purposes of this Act. (2) Every reporting entity shall furnish to the Director such information as may be required by him under sub-section (1) within such time and in such manner as he may specify. (3) Save as otherwise provided under any law for the time being in force, every information sought by the Director under sub-section (1), shall be kept confidential.". 11. Amendment of Section 13."In Section 13 of the principal Act," (i) in sub-section (1), for the words, brackets and figures "call for records referred to in sub-section (1) of Section 12 and may make such inquiry or cause such inquiry to be made, as he thinks fit", the words "make such inquiry or cause such inquiry to be made, as he thinks fit to be necessary, with regard to the obligations of the reporting entity, under this Chapter" shall be substituted; (ii) after sub-section (1), the following sub-sections shall be inserted, namely" "(1-A) If at any stage of inquiry or any other proceedings before him, the Director having regard to the nature and complexity of the case, is of the opinion that it is necessary to do so, he may direct the concerned reporting entity to get its records, as may be specified, audited by an accountant from amongst a panel of accountants, maintained by the Central Government for this purpose. (1-B) The expenses of, and incidental to, any audit under sub-section (1-A) shall be borne by the Central Government."; (iii) for sub-section (2), the following sub-section shall be substituted, namely" "(2) If the Director, in the course of any inquiry, finds that a reporting entity or its designated director on the Board or any of its employees has failed to comply with the obligations under this Chapter, then, without prejudice to any other action that may be taken under any other provisions of this Act, he may" (a) issue a warning in writing; or (b) direct such reporting entity or its designated director on the Board or any of its employees, to comply with specific instructions; or (c) direct such reporting entity or its designated director on the Board or any of its employees, to send reports at such interval as may be prescribed on the measures it is taking; or (d) by an order, impose a monetary penalty on such reporting entity or its designated director on the Board or any of its employees, which shall not be less than ten thousand rupees but may extend to one lakh rupees for each failure."; (iv) after sub-section (3), the following Explanation shall be inserted, namely" "Explanation."For the purpose of this Section, "accountant" shall mean a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949).". 12. Substitution of new Section for Section 14."For Section 14 of the principal Act, the following Section shall be substituted, namely" "14. No Civil or Criminal proceedings against reporting entity, its directors and employees in certain cases."Save as otherwise provided in Section 13, the reporting entity, its directors and employees shall not be liable to any civil or criminal proceedings against them for furnishing information under Clause (b) of sub-section (1) of Section 12.''. 13. Substitution of new Section for Section 15."For Section 15 of the principal Act, the following Section shall be substituted, namely" "15. Procedure and manner of furnishing information by reporting entities."The Central Government may, in consultation with the Reserve Bank of India, prescribe the procedure and the manner of maintaining and furnishing information by a reporting entity under sub-section (1) of Section 12 for the purpose of implementing the provisions of this Act.". 14. Amendment of Section 17."In Section 17 of the principal Act," (i) in sub-section (1)," (a) in Clause (iii), after the word "money-laundering," , the word "or" shall be inserted; (b) after Clause (iii), the following Clause shall be inserted, namely" "(iv) is in possession of any property related to crime,"; (c) in Clause (d), after the words "such record or", the words "property, if required or" shall be inserted; (d) for the proviso, the following proviso shall be substituted, namely" "Provided that no search shall be conducted unless, in relation to the scheduled offence, a report has been forwarded to a Magistrate under Section 157 of the Code of Criminal Procedure, 1973 (2 of 1974), or a complaint has been filed by a person, authorised to investigate the offence mentioned in the Schedule, before a Magistrate or court for taking cognizance of the scheduled offence, as the case may be, or in cases where such report is not required to be forwarded, a similar report of information received or otherwise has been submitted by an officer authorised to investigate a scheduled offence to an officer not below the rank of Additional Secretary to the Government of India or equivalent being head of the office or Ministry or Department or Unit, as the case may be, or any other officer who may be authorised by the Central Government, by notification, for this purpose."; (ii) after sub-section (1), the following sub-section shall be inserted, namely" "(1-A) Where it is not practicable to seize such record or property, the officer authorised under sub-section (1), may make an order to freeze such property whereupon the property shall not be transferred or otherwise dealt with, except with the prior permission of the officer making such order, and a copy of such order shall be served on the person concerned: Provided that if, at any time before its confiscation under sub-section (5) or sub-section (7) of Section 8 or Section 58-B or sub-section (2-A) of Section 60, it becomes practical to seize a frozen property, the officer authorised under subsection (1) may seize such property."; (iii) in sub-section (2), after the words, "immediately after search and seizure" the words "or upon issuance of a freezing order" shall be inserted; (iv) for sub-section (4), the following sub-section shall be substituted, namely" "(4) The authority seizing any record or property under sub-section (1) or freezing any record or property under sub-section (1-A) shall, within a period of thirty days from such seizure or freezing, as the case may be, file an application, requesting for retention of such record or property seized under sub-section (1) or for continuation of the order of freezing served under sub-section (1-A), before the Adjudicating Authority.". 15. Amendment of Section 18."In Section 18 of the principal Act, in sub-section (1), for the proviso, the following proviso shall be substituted, namely" "Provided that no search of any person shall be made unless, in relation to the scheduled offence, a report has been forwarded to a Magistrate under Section 157 of the Code of Criminal Procedure, 1973 (2 of 1974), or a complaint has been filed by a person, authorised to investigate the offence mentioned in the Schedule, before a Magistrate or court for taking cognizance of the scheduled offence, as the case may be, or in cases where such report is not required to be forwarded, a similar report of information received or otherwise has been submitted by an officer authorised to investigate a scheduled offence to an officer not below the rank of Additional Secretary to the Government of India or equivalent being head of the office or Ministry or Department or Unit, as the case may be, or any other officer who may be authorised by the Central Government, by notification, for this purpose."; 16. Substitution of new Sections for Section 20 and Section 21."For Sections 20 and 21 of the principal Act, the following Sections shall be substituted, namely" "20. Retention of propert."(1) Where any property has been seized under Section 17 or Section 18 or frozen under sub-section (1-A) of Section 17 and the officer authorised by the Director in this behalf has, on the basis of material in his possession, reason to believe (the reason for such belief to be recorded by him in writing) that such property is required to be retained for the purposes of adjudication under Section 8, such property may, if seized, be retained or if frozen, may continue to remain frozen, for a period not exceeding one hundred and eighty days from the day on which such property was seized or frozen, as the case may be. (2) The officer authorised by the Director shall, immediately after he has passed an order for retention or continuation of freezing of the property for purposes of adjudication under Section 8, forward a copy of the order along with the material in his possession, referred to in sub-section (1), to the Adjudicating Authority, in a sealed envelope, in the manner as may be prescribed and such Adjudicating Authority shall keep such order and material for such period as may be prescribed. (3) On the expiry of the period specified in sub-section (1), the property shall be returned to the person from whom such property was seized or whose property was ordered to be frozen unless the Adjudicating Authority permits retention or continuation of freezing of such property beyond the said period. (4) The Adjudicating Authority, before authorising the retention or continuation of freezing of such property beyond the period specified in sub-section (1), shall satisfy himself that the property is prima facie involved in money-laundering and the property is required for the purposes of adjudication under Section 8. (5) After passing the order of confiscation under sub-section (5) or sub-section (7) of Section 8, the Court or the Adjudicating Authority, as the case may be, shall direct the release of all property other than the property involved in money-laundering to the person from whom such property was seized or the persons entitled to receive it. (6) Where an order releasing the property has been made by the Court under sub-section (6) of Section 8 or by the Adjudicating Authority under Section 58-B or sub-section (2-A) of Section 60, the Director or any officer authorised by him in this behalf may withhold the release of any such property for a period of ninety days from the date of such order, if he is of the opinion that such property is relevant for the appeal proceedings under this Act. 21. Retention of records."(1) Where any records have been seized, under Section 17 or Section 18 or frozen under sub-section (1-A) of Section 17 and the Investigating Officer or any other officer authorised by the Director in this behalf has reason to believe that any of such records are required to be retained for any inquiry under this Act, such records may if seized, be retained or if frozen, may continue to remain frozen, for a period not exceeding one hundred and eighty days from the day on which such records were seized or frozen, as the case may be. (2) The person, from whom records seized or frozen, shall be entitled to obtain copies of records. (3) On the expiry of the period specified under sub-section (1), the records shall be returned to the person from whom such records were seized or whose records were ordered to be frozen unless the Adjudicating Authority permits retention or continuation of freezing of such records beyond the said period. (4) The Adjudicating Authority, before authorising the retention or continuation of freezing of such records beyond the period specified in sub-section (1), shall satisfy himself that the records are required for the purposes of adjudication under Section 8. (5) After passing of an order of confiscation under sub-section (5) or sub-section (7) of Section 8, the Adjudicating Authority shall direct the release of the records to the person from whom such records were seized. (6) Where an order releasing the records has been made by the Court under sub-section (6) of Section 8 or by the Adjudicating Authority under Section 58-B or sub-section (2-A) of Section 60, the Director or any other officer authorised by him in this behalf may withhold the release of any such record for a period of ninety days from the date of such order, if he is of the opinion that such record is relevant for the appeal proceedings under this Act.". 17. Amendment of Section 22."In Section 22 of the principal Act, in sub-section (1), after the words "a survey or a search,", the words "or where any record or property is produced by any person or has been resumed or seized from the custody or control of any person or has been frozen under this Act or under any other law for the time being in force," shall be inserted. 18. Amendment of Section 23."In Section 23 of the principal Act, for the words and figure "under Section 8, it shall, unless otherwise proved to the satisfaction of the Adjudicating Authority", the words and figure "under Section 8 or for the trial of the money-laundering offence, it shall unless otherwise proved to the satisfaction of the Adjudicating Authority or the Special Court" shall be substituted. 19. Amendment of Section 24."For Section 24 of the principal Act, the following Section shall be substituted, namely" "24. Burden of proof."In any proceeding relating to proceeds of crime under this Act," (a) in the case of a person charged with the offence of money-laundering under Section 3, the Authority or Court shall, unless the contrary is proved, presume that such proceeds of crime are involved in money-laundering; and (b) in the case of any other person the Authority or Court, may presume that such proceeds of crime are involved in money-laundering.". 20. Amendment of Section 26."In Section 26 of the principal Act, in sub-section (2), for the words "banking company, financial institution or intermediary", the words "reporting entity" shall be substituted. 21. Amendment of Section 44."In Section 44 of the principal Act, in sub-section (1)," (i) for Clause (a) the following Clause shall be substituted, namely" "(a) an offence punishable under Section 4 and any scheduled offence connected to the offence under that Section shall be triable by the Special Court constituted for the area in which the offence has been committed: Provided that the Special Court, trying a scheduled offence before the commencement of this Act, shall continue to try such scheduled offence; or''; (ii) in Clause (b), for the words "cognizance of the offence for which the accused is committed to it for trial", the words and figure "cognizance of offence under Section 3, without the accused being committed to it for trial" shall be substituted; (iii) after Clause (b), the following Clauses shall be inserted, namely" "(c) if the court which has taken cognizance of the scheduled offence is other than the Special Court which has taken cognizance of the complaint of the offence of money-laundering under sub-clause (b), it shall, on an application by the authority authorised to file a complaint under this Act, commit the case relating to the scheduled offence to the Special Court and the Special Court shall, on receipt of such case proceed to deal with it from the stage at which it is committed. (d) a Special Court while trying the scheduled offence or the offence of money-laundering shall hold trial in accordance with the provisions of the Code of Criminal Procedure, 1973, as it applies to a trial before a Court of Session.". 22. Amendment of Section 50."In Section 50 of the principal Act, in sub-section (1), in Clause (b), for the words "banking company or a financial institution or a company,", the words "reporting entity" shall be substituted. 23. Amendment of Section 54."In Section 54 of the principal Act," (i) in the opening portion, for the word "officers", the words "officers and others" shall be substituted; (ii) for Clause (d), the following Clause shall be substituted, namely" "(d) members of the recognised stock exchange referred to in Clause (f) of Section 2 and the officers of the stock exchanges recognised under Section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (iii) after Clause (h), the following Clauses shall be inserted, namely" "(ha) officers of the Insurance Regulatory and Development Authority established under Section 3 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999); (hb) officers of the Forward Markets Commission established under Section 3 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952); (hc) officers and members of the recognised association recognised under Section 6 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952); (hd) officers of the Pension Fund Regulatory and Development Authority; (he) officers of the Department of Posts in the Government of India; (hf) Registrars or Sub-Registrars appointed by the State Governments under Section 6 of the Registration Act, 1908 (16 of 1908); (hg) registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988); (hh) officers and members of the Institute of Chartered Accountants of India constituted under Section 3 of the Chartered Accountants Act, 1949 (38 of 1949); (hi) officers and members of the Institute of Cost and Works Accountants of India constituted under Section 3 of the Cost and Works Accountants Act, 1959 (23 of 1959); (hj) officers and members of the Institute of Company Secretaries of India constituted under Section 3 of the Company Secretaries Act, 1980 (56 of 1980);"; (iv) in Clause (j), for the words "banking companies", the words "reporting entities" shall be substituted. 24. Insertion of new Sections 58-A & 58-B."After Section 58, the following Sections shall be inserted, namely" "58-A. Special court to release the property."Where on closure of the criminal case or conclusion of a trial in a criminal court outside India under the corresponding law of any other country, such court finds that the offence of money-laundering has not taken place or the property in India is not involved in money-laundering, the Special Court may, on an application moved by the concerned person or the Director, after notice to the other party, order release of such property to the person entitled to receive it. 58-B. Letter of request of a contracting State or authority for confiscation or release the property."Where the trial under the corresponding law of any other country cannot be conducted by reason of the death of the accused or the accused being declared a proclaimed offender or for any other reason or having commenced but could not be concluded, the Central Government shall, on receipt of a letter of request from a court or authority in a contracting State requesting for confiscation or release of property, as the case may be, forward the same to the Director to move an application before the Special Court and upon such application the Special Court shall pass appropriate orders regarding confiscation or release of such property involved in the offence of money-laundering.". 25. Amendment of Section 60."In Section 60 of the principal Act," (i) in sub-section (1), for the words and figures "property under Section 5 or where an Adjudicating Authority has made an order confirming such attachment or confiscation of any property under Section 8", the words, figures, brackets and letter "property under Section 5 or for freezing under sub-section (1-A) of Section 17 or where an Adjudicating Authority has made an order relating to a property under Section 8 or where a Special Court has made an order of confiscation relating to a property under sub-section (5) or sub Section (6) of Section 8" shall be substituted; (ii) in sub-section (2)," (a) for the words "attachment or confiscation", the words "attachment, seizure, freezing or confiscation" shall be substituted; (b) for the word and figure "Section 3", the words "a corresponding law" shall be substituted; (iii) after sub-section (2), the following sub-section shall be inserted, namely" "(2-A) Where on closure of the criminal case or conclusion of trial in a criminal court outside India under the corresponding law of any other country, such court finds that the offence of money-laundering under the corresponding law of that country has been committed, the Adjudicating Authority shall, on receipt of an application from the Director for execution of confiscation under sub-section (2), order, after giving notice to the affected persons, that such property involved in money-laundering or which has been used for commission of the offence of money-laundering stand confiscated to the Central Government.". 26. Amendment of Section 63."In Section 63 of the principal Act, after sub-section (3), the following sub-section shall be inserted, namely" "(4) Notwithstanding anything contained in Clause (c) of sub-section (2), a person who intentionally disobeys any direction issued under Section 50 shall also be liable to be proceeded against under Section 174 of the Indian Penal Code (45 of 1860).". 27. Substitution of new Section for Section 69."For Section 69 of the principal Act, the following Section shall be substituted, namely" "69. Recovery of fine or penalty."Where any fine or penalty imposed on any person under Section 13 or Section 63 is not paid within six months from the day of imposition of fine or penalty, the Director or any other officer authorised by him in this behalf may proceed to recover the amount from the said person in the same manner as prescribed in Schedule II of the Income-tax Act, 1961 (43 of 1961) for the recovery of arrears and he or any officer authorised by him in this behalf shall have all the powers of the Tax Recovery Officer mentioned in the said Schedule for the said purpose.". 28. Amendment of Section 70."In Section 70 of the principal Act, the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely" "Explanation 2."For the removal of doubts, it is hereby clarified that a company may be prosecuted, notwithstanding whether the prosecution or conviction of any legal juridical person shall be contingent on the prosecution or conviction of any individual.". 29. Amendment of Section 73."In Section 73 of the principal Act, in sub-section (2)" (i) after Clause (a), the following Clause shall be inserted, namely" "(aa) the manner of provisional attachment of property under sub-section (1) of Section 5;"; (ii) after Clause (e), the following Clause shall be inserted, namely" "(ee) the manner of seizing or taking possession of property attached under Section 5 or frozen under sub-section (1-A) of Section 17 or under sub-section (4) of Section 8;"; (iii) Clause (h) shall be omitted; (iv) in Clause (i), for the words "the time within which", the words "the nature and value of transactions and the time within which" shall be substituted; (v) for Clause (j), the following Clauses shall be substituted, namely" "(j) the manner and the conditions in which identity of clients shall be verified by the reporting entities under Clause (c) of sub-section (1) of Section 12; (jj) the manner of identifying beneficial owner, if any, from the clients by the reporting entities under Clause (d) of sub-section (1) of Section 12; (jjj) the period of interval in which the reports are sent by the reporting entities or any of its employees under Clause (c) of sub-section (2) of Section 13;"; (vi) after Clause (p), the following Clause shall be inserted, namely" "(pp) the manner in which the forwarding of the order for retention or continuation of freezing of the property and the period of keeping such order and material under sub-section (2) of Section 20;". 30. Amendment of the Schedule."In the Schedule to the principal Act," (i) for Part A, the following Part shall be substituted, namely" "Part A PARAGRAPH 1 Offences under the Indian Penal Code, 1860 (45 of 1860)
PARAGRAPH 2 Offences under the Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985)
PARAGRAPH 3 Offences under the Explosive Substances Act, 1908 (6 of 1908)
PARAGRAPH 4 Offences under the Unlawful Activities (Prevention) Act, 1967 (37 of 1967)
PARAGRAPH 5 Offences under the Arms Act, 1959 (54 of 1959)
PARAGRAPH 6 Offences under the Wile Life (Protection) Act, 1972 (53 of 1972)
PARAGRAPH 7 Offences under the Immoral Traffic (Prevention) Act, 1956 (104 of 1956)
PARAGRAPH 8 Offences under the Prevention of Corruption Act, 1988 (49 of 1988)
PARAGRAPH 9 Offences under the Explosives Act, 1884 (4 of 1884)
PARAGRAPH 10 Offences under the Antiquities and Arts Treasures Act, 1972 (52 of 1972)
PARAGRAPH 11 Offences under the Securities and Exchange Board of India act, 1992 (15 of 1992)
PARAGRAPH 12 Offences under the Customs Act, 1962 (52 of 1962)
PARAGRAPH 13 Offences under the Bonded Labour System (Abolition) Act, 1976 (19 of 1976)
PARAGRAPH 14 Offences under the Child Labour (Prohibition and Regulation) Act, 1986 (61 of 1986)
PARAGRAPH 15 Offences under the Transplantation of Human Organs Act, 1994 (42 of 1994)
PARAGRAPH 16 Offences under the Juvenile Justice (Care and Protection of Children) Act, 2000 (56 of 2000)
PARAGRAPH 17 Offences under the Emigration Act, 1983 (31 of 1983)
PARAGRAPH 18 Offences under the Passports Act, 1967 (15 of 1967)
PARAGRAPH 19 Offences under the Foreigners Act, 1946 (31 of 1946)
PARAGRAPH 20 Offences under the Copyright Act, 1957 (14 of 1957)
PARAGRAPH 21 Offences under the Trade Marks Act, 1999 (47 of 1999)
PARAGRAPH 22 Offences under the Information Technology Act, 2000 (21 of 2000)
PARAGRAPH 23 Offences under the Biological Diversity Act, 2002 (18 of 2003)
PARAGRAPH 24 Offences under the Protection of Plant Varieties and Farmers' Rights Act, 2001 (53 of 2001)
PARAGRAPH 25 Offences under the Environment Protection Act, 1986 (29 of 1986)
PARAGRAPH 26 Offences under the Water (Prevention and Control of Pollution) Act, 1974 (6 of 1974)
PARAGRAPH 27 Offences under the Air (Prevention and Control of Pollution) Act, 1981 (14 of 1981)
PARAGRAPH 28 Offences under the Suppression of Unlawful Acts against Safety of Maritime avigation and Fixed Platforms on Continental Shelf Act, 2002 (69 of 2002)
(ii) in Part B, paragraphs 1 to 25 shall be omitted; (iii) in Part C, serial number (2) and the entries relating thereto shall be omitted. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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