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Union Finance Ministry strengthens PMLA
New Delhi: The Union Finance Ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as...
New Delhi: The Union Finance Ministry has tightened the anti-money laundering rules by bringing in partners holding 10 per cent stake in a firm, as against 15 per cent earlier, under the definition of beneficial owners.
The ministry has amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which also provides for management-level functionary as Principal Officer responsible for providing information to the financial intelligence unit. The amendment also said that in the case of a trust, the reporting entity shall ensure that trustees disclose their status at the time of commencement of an account-based relationship or when carrying out specified transactions. The government has in recent months tightened various anti-money laundering provisions ahead of assessment by the global watchdog on terror financing and money laundering Financial Action Task Force (FATF).
