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PMLA 2002
What is PMLA?
PMLA is an abbreviation for Prevention of Money Laundering Act, 2002 which is in force since 1st July 2005.

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Which notification confers powers under PMLA to Director, FIU-IND?
Notification No. 5/2005 dated 1st July 2005 confers certain exclusive and concurrent powers under the Prevention of Money Laundering Act, 2002 to the Director, Financial Intelligence Unit, India.

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What are the sanctions for not complying with the obligations under PMLA?
Section 13 of the Prevention of Money Laundering Act, 2002, empowers the Director, FIU-IND to impose fine on any banking company, financial institution or intermediary for failure to comply with the obligations of maintenance of records, furnishing information and verifying the identity of clients. The sanctions include both administrative action and monetory fine, which may vary between ten thousand and one lakh rupees for each failure.

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Can fine imposed under section 13 be recovered in the event of default?
Yes. Section 69 of the Prevention of Money Laundering Act, 2002, provides that where any fine imposed on any person is not paid within six months from the day of imposition of fine, the Director, FIU-IND or any person authorized by him 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.

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Whether any civil or criminal proceedings can be initiated for furnishing information?
No. It is provided for in section 14 of the Prevention of Money Laundering Act, 2002, that the reporting entities and their officers 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.

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Can appeal be filed against the order of Director, FIU-IND imposing fine?
If any reporting entity is aggrieved by order of the Director, FIU-IND imposing fine, they may prefer an appeal to the Appellate Tribunal.

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Can civil court grant injunction against any action taken by the Director, FIU-IND?
No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter with which the Director is empowered and no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act.

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Can Director, FIU-IND issue summons for discovery and production?
The Director shall, for the purposes of section 13, have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 while trying a suit, such as discovery and inspection, enforcing the attendance of any person, examining on oath, compelling the production of records, receiving evidence on affidavits and issuing commissions.

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What are the roles and responsibilities of various regulators & authorities in the enforcement of PMLA?
Section 54 of the Prevention of Money Laundering Act, 2002 empowers and requires various regulators & authorities to assist in the enforcement of the Act.

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What is the legal framework for sharing of information with other authorities?
Section 66 of the Prevention of Money Laundering Act, 2002 provides for disclosure of information to other officers, authority or body.

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What is the legal framework for exchanging information with foreign countries?
Section 56 of the Prevention of Money Laundering Act, 2002 provides for entering into agreements with foreign countries to enforce provision of PMLA, 2002 and for exchange of information.

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FIU-India does not seek any information from individuals. If any person receives any such letter/query, it is a fraud and it should be immediately reported to the Police and also brought to the notice of FIU-IND...more