Government

November 14, 2018

Functions of Adjudicating Authority, Appellate Tribunal under Prevention of Money Laundering Act, 2002


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money-laundering

On November 1, the Department of Revenue, Ministry of Finance, issued a notification on the functions of the Adjudicating Authority appointed under sub-section (1) of Section 6 of the Prevention of Money Laundering Act, 2002, and the Appellate Tribunal referred to in Section 25 of the said Act. Notably, the Notification has been effective from the date of its publication.

The Notification stated:

In exercise of powers conferred by Section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) (hereafter referred to as the said Act) and in suppression of notification number S.O. 3288(E) dated October 25, 2016, except as respects things done or omitted to be done before such suppression, the Central Government hereby notifies that:

(i) the Adjudicating Authority appointed under sub-section (1) of Section 6 of the Prevention of Money Laundering Act, 2002 (15 of 2003) shall discharge the functions of the Adjudicating Authority under the said Act, for the period beginning on 1st day of November 2016 and ending on the date preceding the date on which the Adjudicating Authority appointed under the said Act commences discharging the functions of the Adjudicating Authority under the said Act, in respect of cases in which references have been received by it;

(ii) notwithstanding anything to the contrary contained in clause (i), the Adjudicating Authority appointed under sub-section (1) of Section 6 of the Prevention of Money Laundering Act, 2002 (15 of 2003) shall pass order under sub-section (3) of Section 26 of the said Act in respect of case in which the said order is required to be passed before the expiry of two months from the end of the month in which the Adjudicating Authority appointed under the said Act commences discharging the functions of the Adjudicating Authority under the said Act;

(iii) the Appellate Tribunal referred to in Section 25 of the Prevention of Money Laundering Act, 2002 (15 of 2003) shall discharge the functions of the Appellate Tribunal under the said Act, for the period beginning on 1st day of November 2016 and ending on the date preceding the date on which the Appellate Tribunal established under the said Act commences discharging the functions of the Appellate Tribunal under the said Act, in respect of cases in which appeals have been filed before it.

To view the Official Notification in detail, please view the file attached herein.

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