Discuss the adjudication powers of the Adjudication Authority to deal with the cases of money laundering under the Prevention of Money Laundering Act, 2002.
CS Executive · Economic and Commercial Laws · PYQS · June 2021
Discuss the adjudication powers of the Adjudication Authority to deal with the cases of money laundering under the Prevention of Money Laundering Act, 2002.
Answer & Explanation:
The Central Government shall, by notification, appoint an Adjudicating Authority to exercise jurisdiction, powers and authority conferred by or under Section 6 of the Prevention of Money Laundering Act, 2002. Further under Section 8 of the Act, on receipt of a complaint under section 5(5), or applications made under section 17(4) or under section 18(10) of the Prevention of Money Laundering Act, 2002, if the Adjudicating Authority has reason to believe that any person has committed an offence under section 3 or is in possession of proceeds of crime, it may serve a notice of not less than thirty days on such person calling upon him to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the property attached. Where the Adjudicating Authority decides that any property is involved in money-laundering, he shall, by an order in writing, confirm the attachment of the property made under section 5(1) or retention of property or record seized or frozen under section 17 or section 18 of the Prevention of Money Laundering Act, 2002.
Topics: Prevention of Money Laundering Act, 2002 (PMLA)
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