An overview of Anti Money Laundering Laws – Free e-book
CA Rajkumar S. Adukia
In this wonderful time of the year let us spend some time on one of the most interesting topics "Prevention of Money Laundering Act, 2002". It has for long been one of the most discussed, debated and criticized topic. A simple understanding of money, its source, the proceeds of crime, its utilization, namely money laundering, the nature of crimes, the scheduled offences, punishments, the authority, adjudication and above all prevention of money laundering.
I have prepared a small write up on "The Prevention of Money Laundering Act, 2002". The write up aims at presenting a simple understanding of the source, handling and prevention of money laundering. Growing money laundering crimes is a threat to both the individual and economy and the real point lies in curtailing its source and happening. The write up also offers a sneak peek into various other legislations of similar nature. In short, a simple guide to identify, handle and prevent money laundering.
Knowledge Management has been the key in handling the various pressures of the profession and also in pursuing my passion for the profession. With the same spirit I look forward to join hands with each one of you in building a great professional network that will together enable us to discard the negativities and take our profession forward with reverence and commitment.
In this journey of commitment, I look forward to join hands with members who are good Speakers and Writers, cause knowledge is not just about knowing but more about sharing. Each one of you are a great source of inspiration and so I am willing to get inspired and create a synergy of joint knowledge development programs that will benefit our fraternity at large.
As always, kindly send your comments and suggestions at rajkumarradukia@caaa.in or reach me at 09820061049 / 09323061049
We have seen and heard such messages. What about Retired JUdges and Justices!!!!
Special Judge for CBI Cases, Ernakulam has convicted Shri Ajay Pratap Singh, then Inspector, Central Excise Tax Division, Kathrikadavu, Cochin U/s 7 & Section 13(2) r/w 13(1)(d) of PC Act, 1988 and sentenced him to undergo two years Rigorous Imprisonment with fine of Rs.25,000/- in a bribery case.
2 Years Imprisonment to Then Inspector of Central Excise in a bribery case
Special Judge for CBI Cases, Ernakulam has convicted Shri Ajay Pratap Singh, then Inspector, Central Excise Tax Division, Kathrikadavu, Cochin U/s 7 & Section 13(2) r/w 13(1)(d) of PC Act, 1988 and sentenced him to undergo two years Rigorous Imprisonment with fine of Rs.25,000/- in a bribery case.
CBI investigation revealed that Shri Ajay Pratap Singh while working as Inspector, Central Excise Service Tax Division, Kathrikadavu, Cochin demanded and accepted an amount of Rs.15,000/- as bribe from the complainant for settling his service tax returns for 2009-2010 and exempting heavy fine. The accused was caught red handed by CBI on 07.07.2011 while accepting the bribe amount. (Source- CBI Press Release dated 30.12.2014)
Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA)
CIRCULAR No. CIR/MIRSD/6/2014,
Dated : December 30, 2014
To,
All Intermediaries registered with SEBI
Dear Sir/Madam,
Sub: Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA)
1. Please refer to SEBI circular CIR/MIRSD/2/2014 dated June 30, 2014 on the captioned subject.
2. The Government of India has informed SEBI vide communication dated December 30, 2014 that as per the FAQ published on the US Internal Revenue Service (IRS) website, Foreign Financial Institutions (FFIs) in Model 1 jurisdictions need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) before January 01, 2015, or at the earliest, in order to avoid withholding. The FFIs who have registered but have not obtained a GIIN should indicate to the withholding agents that the GIIN is applied for. The FAQ published on the IRS website (updated as on December 22, 2014), is placed as Annexure to this circular and is also available at: http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA–Compliance-Legal#IGA
3. All SEBI registered intermediaries who maintain US reportable accounts, as defined in the Model 1 Inter-Governmental Agreement, may take action appropriately. Information on the IGA is available at: http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx .
4. This Circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 (SEBI Act).
Yours faithfully,
Krishnanand Raghavan
General Manager
022-26449632
Email: krishnanandr@sebi.gov.in
General Manager
022-26449632
Email: krishnanandr@sebi.gov.in
Annexure: as above
Copy to:
All Recognized Stock Exchanges & Depositories – To bring the contents of this Circular to the notice of the Stock Brokers, Depository Participants, as the case may be, and also disseminate the same on their websites.
Annexure
FAQ published on the US IRS website updated on December 22, 2014
| Q8. | Announcement 2014-38 provides that a jurisdiction that is treated as if it has an IGA in effect, but that has not yet signed an IGA, retains such status beyond December 31, 2014, provided that the jurisdictioncontinues to demonstrate firm resolve to sign the IGA that was agreed in substance. Given this additional time to sign the IGA, does a reporting Model 1 FFI in such a jurisdiction need to register and obtain a GIIN before January 1, 2015? Added: December 22, 2014 | Announcement 2014-38 does not change the requirement in the chapter 4 regulations that for payments made on or after January 1, 2015, in order for withholding not to apply, a withholding agent may treat a reporting Model 1 FFI as a registered deemed-compliant FFI only if the withholding agent has a withholding certificate identifying the payee as a registered deemed-compliant FFI and the withholding certificate contains a GIIN for the payee that is verified in the manner described in those regulations. Thus, to avoid withholding on certain payments made on or after January 1, 2015, a reporting Model 1 FFI should register and obtain a GIIN to properly certify its status to a withholding agent required to document the FFI for chapter 4 purposes. A reporting Model 1 FFI that has registered but not yet obtained a GIIN should indicate to its withholding agent that its GIIN is "applied for," and in such case, the withholding agent will have 90 days from the date it receives the Form W-8 to obtain a GIIN and to verify the accuracy of the GIIN against the published IRS FII list before it has reason to know that the payee is not a registered deemed-compliant FFI.Announcement 2014-38 similarly does not change the timing of any other due diligence and reporting requirements in the chapter 4 regulations. |
Dear Professional Colleagues and Friends,
Please find attached herewith December - 2014 issue of my E-Newsletter.
Articles and other materials are invited from your good-selves for publication in forthcoming issues.
Your kind feedback / suggestions are always solicited for the improvement of this E-Newsletter.
Thanks & Regards:
CS Ankur Srivastava
Mobile-91-9794551756
9026777844
Section 185 is applicable to a public company as well as private company. This section applies to loan etc. given by a company directly or indirectly. Indirectly means company can not give loan through the agency of one or more intermediaries.
__._,_.___
No comments:
Post a Comment