https://www.taxtmi.com/caselaws?id=765032 The Appellate Tribunal under SAFEMA dismissed the appeal challenging provisional attachment of properties under PMLA. The Tribunal held that "proceeds of crime" has a wide definition encompassing not only property directly or indirectly derived from criminal activity, but also property of equivalent value when original proceeds have been concealed or transferred. The Tribunal ruled that properties acquired even before commission of crime can be attached under the second limb of the definition to prevent accused persons from vanishing proceeds. Despite appellants' contention that they possessed no proceeds of crime and existing restrictions on property transfer, the Tribunal upheld the attachment order, emphasizing the Act's objective to address money laundering effectively. en-us Thu, 21 Nov 2024 00:00:00 +0530 Fri, 24 Jan 2025 08:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765032 The Appellate Tribunal under SAFEMA dismissed the appeal challenging provisional attachment of properties under PMLA. The Tribunal held that "proceeds of crime" has a wide definition encompassing not only property directly or indirectly derived from criminal activity, but also property of equivalent value when original proceeds have been concealed or transferred. The Tribunal ruled that properties acquired even before commission of crime can be attached under the second limb of the definition to prevent accused persons from vanishing proceeds. Despite appellants' contention that they possessed no proceeds of crime and existing restrictions on property transfer, the Tribunal upheld the attachment order, emphasizing the Act's objective to address money laundering effectively. Case-Laws Money Laundering Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765032