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of <h1>Government Defines Business Actions Under Money-Laundering Act: Formation Agents, Trustees, Nominee Shareholders Specified; Exemptions Apply.</h1> The Central Government, under the Prevention of Money-laundering Act, 2002, has specified activities considered as business actions on behalf of another person. These include acting as a formation agent for companies, arranging for individuals to hold positions like director or secretary, providing business addresses, acting as a trustee, and serving as a nominee shareholder. Certain activities are exempt, such as those related to tenancy agreements, employment duties, or professional services by advocates and accountants. The Financial Intelligence Unit's Director is designated as the regulator for these activities.
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