Practicing CA/CS/CMAs under the scanner with new PMLA amendment
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- By Taxmann
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- Last Updated on 5 May, 2023
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1. Introduction
1. IntroductionMoney laundering is a complex and highly sophisticated process that involves disguising the proceeds of illegal activities as legitimate funds. In order to combat this illegal activity, governments around the world have implemented laws and regulations aimed at preventing and detecting money laundering.
In India, the Prevention of Money Laundering Act (PMLA) was introduced in 2002 to tackle the menace of money laundering and terrorist financing. The objective of the Prevention of Money Laundering Act (PMLA) is to prevent and control money laundering activities and to confiscate and seize property derived from, or involved in, money laundering.
The Central Government vide Notification No. S.O. 2036(E), dated 03.05.2023 has notified the amendment to Section 2 of the Act. As per the amended norms, financial transactions carried out by practicing CA/CS/CMA on behalf of their clients will now fall under the scope of the PMLA. This article discusses in detail the impact of the same.
1. Practicing CA, CS, and CWA will now be termed as a “person carrying on designated business or profession”
The Ministry of Finance has notified an amendment to Section 2(1)(sa) of the PMLA.
Section 2(1)(sa) talks about the “person carrying on designated business or profession.”
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