12.06.2023| Monday 5:00 - 6:00 PM Sh. Biswajit Das, Advocate Managing Partner, Juris & Juris | www.jurisnjuris.com Presented by: TAXMANN
JURIS & JURIS ADVOCATES & SOLICITORS Additional CONSEQUENCES (qua Scheduled Offence) 1. Money Laundering (CRIMINAL Offence) 2. Property Confiscation (CIVIL Deprivation) CONCEPT of AUTHORITIES governing PMLA 1 Scheduled Offence 1 Central Govt (CG) 2 Proceeds of Crime 2 Enforcement Directorate (ED) 3 Money Laundering Offence 3 Adjudicating Authority (AA) 4 Transaction 4 Appellate Tribunal (AT) 5 Intermediary 5 Special Courts (SC) 6 Reporting Entity Brief Contours of PMLA 2
Peculiar & Unique Architecture of PMLA
1. Subject to ED’s Benevolence certifying “I have Reasons to believe”.
a. “EVERYTHING” (Without Territory) on earth & beyond is “Proceeds of Crime” &
b. “EVERYONE” (Beyond Time) is a “Money Launderer”.
2. “Transcends Time & Territory” (TTT).
3. “Anything” & “Everything” can be “EVIDENCE”.
4. “Anyone” can be FORCED (under threat of Prosecution) to give “Evidence”.
5. Inversion of “PRESUMPTION OF INNOCENCE”.
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Reasons
why it is creating Jurisprudential Mayhem
1. Rules of Interpretation” & Rules of Construction” .
2. Old Judgements/Precedents.
3. Old Jurisprudence.
4. Legal Education.
5. Lack of Research & Development (R&D).
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1. Addition” of “Financial Transaction carried out by CA CS CWA & its Firms on behalf of Client in the course of Profession in relation to Designated Activities” in definition of “Person carrying on designated Business/Profession” u/S.2(1)(sa)-PMLA, 2002.
2. Designated Activities” are:
a. Buying & Selling of any Immovable Property;
b. Managing of client Money/Securities/Other Assets;
c. Management of Bank/Savings/Securities Accounts;
d. Organisation of Contributions for Creation/Operation/Management of Cos;
e. Creation Operation Management of Companies/LLP Trusts, & Buying & Selling of Business Entities,
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Overview of PMLA Notification 03.05.2023
Understanding Role & Relevance of CA CS CMA
1. Freedom to practice Profession u/Part-III Fundamental Right) of Constitution of India vis a vis Statutory Practice (Duties) u/Companies, Income Tax Act etc.
2. Statutory Obligation u/Ch-4 (Obligation of Banking Companies, Financial Institutions & Intermediaries)” of PMLA, 2002 S.12 15):
a. Intermediary”, Person carrying on Designated Business & Profession”, Reporting Entities”, Specified Transaction”, “Suspicious Transaction” u/PMLA.
b. Verifying Clients’ identity”, “Maintenance of Information & Records”, “Furnishing of Information”, “Enhanced Due Diligence”.
3. Engaging only through Professional Duties without non-Professional Interest.
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Way Forward
1. Removing Doubts” as an ongoing exercise.
2. Getting trained & engaging the “Society” on clarity path.
3. Understanding the meaning of Law”.
4. Developing new Jurisprudence” of Mathematical scale.
5. Errorless Assistance” to Institutions (Parliaments, Executives & Courts).
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