Professionals under PMLA
Professionals under PMLA On May 3rd, 2023, the Central Government issued a notification bringing practicing professionals in the field of Chartered Accountancy, Company Secretaries, and Cost and Works Accountants under the ambit of the Prevention of Money Laundering Act (PMLA) if they execute any financial transactions on behalf of clients. This notification has been issued under sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-Laundering Act, 2002 (15 of 2003). The following financial transactions carried out by a relevant person on behalf of his or her client, in the course of his or her profession, will be considered an activity for the purposes of the PMLA: 1. Buying and selling of any immovable property. 2. Managing of client money, securities, or other assets. 3. Management of bank, savings, or securities accounts. 4. Organization of contributions for the creation, operation, or management of companies. 5. Creation, operation, or managemen...