The Prevention of Money-Laundering Act, 2002
(Act No. 15 of 2003) — Assented to and notified on 17th January, 2003; brought into force from 1st July, 2005
An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto.
Chapter I — Preliminary
Chapter II — Offence of Money-Laundering
Chapter III — Attachment, Adjudication and Confiscation
- 5. Attachment of property involved in money-laundering
- 6. Adjudicating Authorities, composition, powers, etc.
- 7. Staff of Adjudicating Authorities
- 8. Adjudication
- 9. Vesting of property in Central Government
- 10. Management of properties confiscated under this Chapter
- 11. Power regarding summons, production of documents and evidence, etc.
Chapter IV — Obligations of Banking Companies, Financial Institutions and Intermediaries
- 11A. Verification of identity by reporting entity
- 12. Reporting entity to maintain records
- 12A. Access to information
- 12AA. Enhanced due diligence
- 13. Powers of Director to impose fine
- 14. No civil or criminal proceedings against reporting entity, its directors and employees in certain cases
- 15. Procedure and manner of furnishing information by reporting entities
Chapter V — Summons, Searches and Seizures, etc.
- 16. Power of survey
- 17. Search and seizure
- 18. Search of persons
- 19. Power to arrest
- 20. Retention of property
- 21. Retention of records
- 22. Presumption as to records or property in certain cases
- 23. Presumption in inter-connected transactions
- 24. Burden of proof
Chapter VI — Appellate Tribunal
- 25. Appellate Tribunal
- 26. Appeal to Appellate Tribunal
- 27. [Omitted]
- 28. [Omitted]
- 29. [Omitted]
- 30. [Omitted]
- 31. [Omitted]
- 32. [Omitted]
- 33. [Omitted]
- 34. [Omitted]
- 35. Procedure and powers of Appellate Tribunal
- 36. Distribution of business amongst Benches
- 37. Power of Chairman to transfer cases
- 38. Decision to be by majority
- 39. Right of appellant to take assistance of authorised representative and of Government to appoint presenting officers
- 40. Members, etc., to be public servants
- 41. Civil court not to have jurisdiction
- 42. Appeal to High Court
Chapter VII — Special Courts
- 43. Special Courts
- 44. Offences triable by Special Courts
- 45. Offences to be cognizable and non-bailable
- 46. Application of Code of Criminal Procedure, 1973 to proceedings before Special Court
- 47. Appeal and revision
Chapter VIII — Authorities
- 48. Authorities under Act
- 49. Appointment and powers of authorities and other officers
- 50. Powers of authorities regarding summons, production of documents and to give evidence, etc.
- 51. Jurisdiction of authorities
- 52. Power of Central Government to issue directions, etc.
- 53. Empowerment of certain officers
- 54. Certain officers to assist in inquiry, etc.
Chapter IX — Reciprocal Arrangement for Assistance in Certain Matters and Procedure for Attachment and Confiscation of Property
- 55. Definitions
- 56. Agreements with foreign countries
- 57. Letter of request to a contracting State in certain cases
- 58. Assistance to a contracting State in certain cases
- 58A. Special Court to release the property
- 58B. Letter of request of a contracting State or authority for confiscation or release the property
- 59. Reciprocal arrangements for processes and assistance for transfer of accused persons
- 60. Attachment, seizure and confiscation, etc., of property in a contracting State or India
- 61. Procedure in respect of letter of request
Chapter X — Miscellaneous
- 62. Punishment for vexatious search
- 63. Punishment for false information or failure to give information, etc.
- 64. Cognizance of offences
- 65. Code of Criminal Procedure, 1973 to apply
- 66. Disclosure of information
- 67. Bar of suits in civil courts
- 68. Notice, etc., not to be invalid on certain grounds
- 69. Recovery of fine or penalty
- 70. Offences by companies
- 71. Act to have overriding effect
- 72. Continuation of proceedings in the event of death or insolvency
- 72A. Inter-ministerial Co-ordination Committee
- 73. Power to make rules
- 74. Rules to be laid before Parliament
- 75. Power to remove difficulties
The Schedule
Amending Acts incorporated (selected): the Prevention of Money-laundering (Amendment) Act, 2005 (20 of 2005); the Prevention of Money-laundering (Amendment) Act, 2009 (21 of 2009); the Finance Act, 2013 (an amendment vide Act 2 of 2013); the Finance (No. 2) Act, 2015 (20 of 2015); the Finance Act, 2016 (28 of 2016); the Finance Act, 2018 (13 of 2018); the Finance (No. 2) Act, 2019 (23 of 2019); the Prevention of Money-laundering (Amendment) Act, 2019 (14 of 2019); and the Repealing and Amending Act, 2023 (18 of 2023).
