Enhanced due diligence provisions clarified and inter ministerial coordination empowered to strengthen AML/CFT implementation. Amendments to the Act revise Section 2 to alter intermediary designations and notify registration authorities, insert an Explanation broadening the meaning of proceeds of crime to include property directly or indirectly derived from criminal activity relatable to scheduled offences, introduce a provision for enhanced due diligence with consequential cross references, and establish authority to constitute an Inter Ministerial Co ordination Committee to coordinate implementation of international AML/CFT standards, alongside expanded rule making powers.
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Provisions expressly mentioned in the judgment/order text.
Enhanced due diligence provisions clarified and inter ministerial coordination empowered to strengthen AML/CFT implementation.
Amendments to the Act revise Section 2 to alter intermediary designations and notify registration authorities, insert an Explanation broadening the meaning of proceeds of crime to include property directly or indirectly derived from criminal activity relatable to scheduled offences, introduce a provision for enhanced due diligence with consequential cross references, and establish authority to constitute an Inter Ministerial Co ordination Committee to coordinate implementation of international AML/CFT standards, alongside expanded rule making powers.
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