Key Terms in the Prevention of Money-Laundering Act: Definitions and Roles Under Section 3 Explained

The Prevention of Money-Laundering Act, 2002 defines key terms relevant to its enforcement. These include "Adjudicating Authority," "Appellate Tribunal," and "Assistant Director," which refer to appointed officials under specific sections of the Act. The Act also delineates entities such as "banking company," "financial institution," and "intermediary," each defined by existing financial regulations. "Money-laundering" is specified in section 3, while "proceeds of crime" encompass property derived from criminal activities. The Act further clarifies roles like "Director," "Deputy Director," and "payment system operator," and outlines the scope of "scheduled offences" and "cross border implications."