Finance Ministry Amends PMLA Notification: Director of Financial Intelligence Unit Now Regulator for Specific Activities.

The Central Government has amended a previous notification related to the Prevention of Money-laundering Act, 2002. This amendment, issued by the Ministry of Finance, Department of Revenue, introduces a new Explanation 2 to the original notification dated March 7, 2023. It specifies that for certain designated activities, the Regulator will be the Director of the Financial Intelligence Unit, India, as defined under the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. This change clarifies the regulatory oversight for activities conducted on behalf of another person under the Act.