Chapter IX - Reciprocal Arrangement for Assistance in Certain Matters and Procedure for Attachment and Confiscation of Property (From Section 55 to Section 61)
Corporate liability in money laundering: companies and responsible officers can be prosecuted; due diligence defence available. Section 70 establishes corporate liability under the Prevention of Money Laundering Act, making a company and persons in charge of its business liable for contraventions, subject to a defence that the person lacked knowledge or exercised all due diligence to prevent the breach. It further deems directors, managers, secretaries or other officers guilty where the contravention occurred with their consent or connivance or is attributable to their neglect. Explanations define 'company' to include firms and associations and 'director' in a firm to mean a partner, and confirm prosecution of a company need not be contingent on prosecuting any individual.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate liability in money laundering: companies and responsible officers can be prosecuted; due diligence defence available.
Section 70 establishes corporate liability under the Prevention of Money Laundering Act, making a company and persons in charge of its business liable for contraventions, subject to a defence that the person lacked knowledge or exercised all due diligence to prevent the breach. It further deems directors, managers, secretaries or other officers guilty where the contravention occurred with their consent or connivance or is attributable to their neglect. Explanations define "company" to include firms and associations and "director" in a firm to mean a partner, and confirm prosecution of a company need not be contingent on prosecuting any individual.
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