Daily Email Newsletter (Sign-up Free)

Section 56 Prevention of Money-laundering Act: Agreements with foreign countries

Section 56 (Agreements with foreign countries) under Chapter IX (Reciprocal Arrangement for Assistance in Certain Matters and Procedure for Attachment and Confiscation of Property) of the Prevention of Money-laundering Act, 2002 —

❝(1) The Central Government may enter into an agreement with the Government of any country outside India for—

 (a) enforcing the provisions of this Act;
 (b) exchange of information for the prevention of any offence under this Act or under the corresponding law in force in that country or investigation of cases relating to any offence under this Act,

and may, by notification in the Official Gazette, make such provisions as may be necessary for implementing the agreement.

(2) The Central Government may, by notification in the Official Gazette, direct that the application of this Chapter in relation to a contracting State with which reciprocal arrangements have been made, shall be subject to such conditions, exceptions or qualifications as are specified in the said notification.❞



..............................................................

Notes:

The Prevention of Money-laundering Act, 2002 (Act No. 15 of 2003) was amended by:

1. Prevention of Money-Laundering (Amendment) Act, 2005 (No. 20 of 2005) (w.e.f. 01-7-2005);
2. Prevention of Money-Laundering (Amendment) Act, 2009 (No. 21 of 2009) (w.e.f. 01-6-2009);
3. Prevention of Money-Laundering (Amendment) Act, 2012 (No. 02 of 2013) (w.e.f. 15-2-2013);
4. Finance Act, 2015 (No. 20 of 2015) (w.e.f. 14-5-2015);
5. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (No. 22 of 2015) (w.e.f. 1-4-2016);
6. Finance Act, 2016 (No. 28 of 2016) (w.e.f. 01-6-2016);
7. Finance Act, 2018 (No. 13 of 2018) (w.e.f. 19-4-2018);
8. Prevention of Corruption (Amendment) Act, 2018 (No. 16 of 2018) (w.e.f. 26-7-2018).

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.